Merck (MRK.US) has advised its shareholders to reject an unsolicited "mini-tender" offer from Tutanota, warning that accepting it could result in selling shares below Merck's current market price. The New Jersey-based pharmaceutical giant stated that Tutanota proposed acquiring up to 1 million Merck common shares at $65.00 per share on November 10—a price nearly 25% lower than Merck's closing price on November 7 (the last trading day before the offer).

In a recent press release, Merck noted that the offer was also approximately 32% below its closing price on November 20. The company clarified that it is not associated with this bid, which targets less than 5% of Merck's outstanding shares, thereby avoiding regulatory scrutiny.

Merck further emphasized its disapproval, stating, "Like Tutanota’s other tender offers, this one exposes individual investors to risks, as they may not realize they are selling shares at a discount." Consequently, Merck recommended shareholders reject the offer and advised those who have already accepted it to withdraw before the December 15 deadline.