ABBOTT PARK, Illinois, Nov. 14,
2018 /PRNewswire/ -- Abbott (NYSE: ABT) received notice
of an unsolicited mini-tender offer by Baker Mills LLC (Baker
Mills) to purchase up to 60,000 Abbott common shares, representing
approximately 0.003 percent of the company's outstanding shares.
Baker Mills' offer price of $57.00 per share in cash is approximately 22
percent lower than the $72.79 closing
price of Abbott common shares on Nov. 9,
2018, the last closing price prior to commencement of
the offer.
Abbott does not recommend or endorse Baker
Mills' unsolicited below-market mini-tender offer and
recommends that shareholders not tender their shares because the
offer is at a price significantly below the current market price of
Abbott common shares. Abbott is not
affiliated or associated in any way with Baker Mills, its
mini-tender offer or the mini-tender offer documentation.
Abbott urges shareholders to obtain current market quotations
for their shares, to consult with their broker or financial
advisor, and to exercise caution with respect to Baker Mills'
mini-tender offer. Abbott recommends that shareholders who have not
responded to Baker Mills' offer take no action. Abbott also
recommends that shareholders who have already tendered their shares
withdraw those shares in accordance with Baker Mills'
offering documents prior to the expiration of the offer. The
offer is currently scheduled to expire at 5
p.m. New York City time on
Monday, Dec. 12, 2018.
Baker Mills has made similar below-market mini-tender offers for
other companies' shares. Mini-tender offers are devised to
seek less than 5 percent of a company's stock, thereby avoiding
many filing, disclosure and procedural requirements of the U.S.
Securities and Exchange Commission (SEC).
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.
Abbott 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
https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Abbott requests that a copy of this press release be included
with all distributions of materials relating to Baker Mills'
mini-tender offer related to Abbott common shares.
About Abbott:
Abbott is a global healthcare company devoted to improving life
through the development of products and technologies that span the
breadth of healthcare. With a portfolio of leading, science-based
offerings in diagnostics, medical devices, nutritionals and branded
generic pharmaceuticals, Abbott serves people in more than 150
countries and employs approximately 99,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at
@AbbottNews.
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