05:17 PM EDT, 08/15/2024 (MT Newswires) -- Intel ( INTC ) urged shareholders Thursday to reject Tutanota's mini tender offer to acquire up to 1 million shares at $34 a piece.

The proposal is not in the best interest of shareholders and offers a below-market price, unless Tutanota waives the condition that the closing price of Intel's ( INTC ) shares exceeds $34 on the last day of trading before the offer expires, Intel ( INTC ) added.

The offer is scheduled to expire on Sept. 4 while Tutanota holds the option to extend it for successive periods of 45 to 180 days, according to Intel ( INTC ).

The company said it does not endorse the offer and is not associated with Tutanota.

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