CAMBRIDGE, Mass., Dec. 12, 2017 /PRNewswire/ -- Akamai
Technologies, Inc. (NASDAQ: AKAM) today announced that it received
notice of an unsolicited "mini-tender" offer by TRC Capital
Corporation (TRC) to purchase up to 2,000,000 shares of Akamai's
common stock at a price of 54.00 per share in cash. The
offering price is 4.42% below the closing price per share of
Akamai's common stock on December 8,
2017. The offer is for approximately 1.18 percent of the
outstanding shares of Akamai common stock.
Akamai does not endorse TRC Capital's unsolicited mini-tender
offer and recommends that shareholders not tender their shares
because the offer is at a price below the current market price of
Akamai's shares. Akamai is not affiliated or associated in any way
with TRC Capital, its mini-tender offer or the mini-tender offer
documents.
TRC Capital has made many similar unsolicited mini-tender offers
for shares of other public companies. Mini-tender offers seek to
acquire not more than 5 percent of a company's shares outstanding,
thereby avoiding many disclosure and procedural requirements of the
U.S. Securities and Exchange Commission (SEC) that apply to offers
for more than 5 percent of a company's shares outstanding. As a
result, investors are not provided with the same level of
protections in mini-tender offers as are provided for larger tender
offers under the U.S. securities laws.
The SEC has cautioned investors that some bidders making
mini-tender offers at below-market prices are, "hoping that they
will catch investors off guard if the investors do not compare the
offer price to the current market price." The SEC's guidance to
investors on mini-tender offers is available
at http://www.sec.gov/investor/pubs/minitend.htm.
Shareholders should obtain current market quotations for their
shares, consult with their broker or financial advisor, and
exercise caution with respect to TRC Capital's mini-tender offer.
Akamai recommends that shareholders who have not responded to TRC
Capital's offer take no action. Shareholders who have already
tendered their shares may withdraw them at any time prior
to 12:01 a.m. ET,
on January 11, 2018, in accordance with TRC's offering
documents. TRC Capital may extend the offering period at its
discretion.
Akamai encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosure
at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Akamai requests that a copy of this press release be included
with all distributions of materials relating to TRC Capital's
mini-tender offer related to Akamai shares of common stock.
About Akamai
As the world's largest and most trusted
cloud delivery platform, Akamai makes it easier for its customers
to provide the best and most secure digital experiences on any
device, anytime, anywhere. Akamai's massively distributed platform
is unparalleled in scale with over 200,000 servers across 130
countries, giving customers superior performance and threat
protection. Akamai's portfolio of web and mobile performance, cloud
security, enterprise access, and video delivery solutions are
supported by exceptional customer service and 24/7 monitoring. To
learn why the top financial institutions, e-commerce leaders, media
& entertainment providers, and government organizations trust
Akamai please visit www.akamai.com, blogs.akamai.com, or
@Akamai on Twitter.
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Contacts:
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Jeff Young
Media Relations
617-444-3913
jyoung@akamai.com
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Tom Barth
Investor Relations
617-274-7130
tbarth@akamai.com
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SOURCE Akamai Technologies, Inc.