Pfizer Inc. (NYSE: PFE) announced it received notice of an unsolicited mini-tender offer from Tutanota LLC to purchase up to 1 million shares of Pfizer common stock at $32.00 per share in cash.

The pharmaceutical company recommends shareholders reject the offer, which represents approximately 0.02% of Pfizer's outstanding shares as of March 9, 2026. The offer price is conditioned on Pfizer's closing stock price exceeding $32.00 per share on the last trading day before the offer expires, meaning shareholders would receive a below-market price unless this condition is waived.

Pfizer cited several concerns about the offer's structure. Tutanota states it does not currently have financing for the offer and may extend the offer period beyond the current April 13, 2026 expiration date. The offer includes numerous conditions with no guarantee they will be satisfied.

Mini-tender offers seek to acquire less than 5% of a company's shares, avoiding many SEC disclosure and procedural requirements that apply to larger tender offers. This provides investors with fewer protections compared to standard tender offers under U.S. securities laws.

The SEC has previously warned investors that some bidders making mini-tender offers at below-market prices hope to catch investors off guard who do not compare the offer price to current market prices.

Tutanota has made similar mini-tender offers for shares of other companies, according to Pfizer's statement. The company emphasized it has no affiliation with Tutanota or its offer.

Shareholders who have already tendered shares may withdraw them at any time before the offer expires, in accordance with Tutanota's offer documentation. Pfizer advises shareholders who have not responded to take no action.