04:56 PM EDT, 05/10/2024 (MT Newswires) -- Bank of America ( BAC ) late Friday recommended shareholders reject a mini tender offer by Tutanota to buy up to one million of Bank of America ( BAC ) common shares for $40 apiece.

The bank said the offer would likely require them to sell their stock below its market price and also depends on additional conditions, including obtaining financing for the offer.

The Tutanota tender offer is slated to run through May 31, unless extended or terminated early.

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