Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$26.11
Day's Change
0.64 (2.51%)
Bid
--
Ask
--
B/A Size
--
Day's High
26.19
Day's Low
25.26
Volume
(Above Average)
Volume:
63,354,498

10-day average volume:
56,075,071
63,354,498

AT&T Recommends Stockholders Reject Mini-Tender Offer from Ponos Industries LLC

5:05 pm ET June 16, 2020 (BusinessWire) Print

AT&T Inc.* ("AT&T") has learned that Ponos Industries LLC ("Ponos") has made an unsolicited "mini-tender" offer, dated June 8, 2020. Ponos has offered to purchase up to 4 million shares of AT&T common stock at $36.00 per share. While this price is above the current market price of AT&T common stock, the offer is conditioned upon the closing price of AT&T's shares exceeding the $36.00 offer price, as noted below. The offer expires on July 10, 2020 unless extended by Ponos. This offer is similar to a previous such offer for AT&T stock by Ponos.

AT&T is in no way associated with Ponos Industries LLC and recommends that stockholders reject this unsolicited offer.

Ponos has included a condition in the terms of its offer that states the closing price of AT&T's shares must exceed the $36.00 offer price on the New York Stock Exchange on the last day of trading before the offer expires. Unless Ponos waives this condition, AT&T stockholders who tender their shares in the offer will receive a below-market price. There is no guarantee the conditions of the offer will be satisfied, and it is subject to numerous other conditions, including Ponos obtaining the financing for the offer. AT&T cautions stockholders that Ponos can extend the offer and delay payment beyond the scheduled expiration date of July 10, 2020.

Mini-tender offers seek less than 5 percent of a company's outstanding shares. This lets the offering company avoid many disclosure and procedural requirements the U.S. Securities and Exchange Commission (SEC) requires for tender offers.

The SEC has issued an alert on its website regarding mini-tender offers. This alert advises that mini-tender offers "have been increasingly used to catch investors off guard" and that investors "may end up selling their securities at below-market prices."

AT&T urges investors to obtain current market quotes for their shares of common stock, consult with their financial advisors and exercise caution with Ponos' offer. Stockholders who already tendered their shares may withdraw them by providing the written notice described in the Ponos offering documents before the expiration of the offer and at other times described in the offering.

AT&T requests that a copy of this news release be included with all distributions of materials related to Ponos' offer for shares of AT&T common stock.

*About AT&T

AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. It executes in the market under four operating units. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico, where it is the fastest-growing wireless provider. Xandr provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. (C) 2020 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200616006016/en/

SOURCE: AT&T Inc.

Fletcher Cook
AT&T Inc.
Phone: 214-912-8541
Email: fletcher.cook@att.com


Daphne Avila
AT&T Inc.
Phone: (972) 266-3866
Email: daphne.avila@att.com

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