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Ford urges shareholders to reject mini-tender offer by Baker Mills

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Ford urges shareholders to reject mini-tender offer by Baker Mills

Ford Motor Co. advised its shareholders to reject Baker Mills LLC's mini-tender offer to acquire about 0.010% of the company.

Baker Mills offered to buy up to 400,000 common shares of Ford at $7.00 per share.

Ford Motor said the offer price is 17.84% lower than the closing share price of its common stock on Dec. 14, 2018, which was $8.52.

The company advised that shareholders who have already tendered their shares withdraw them before the offer expires Jan. 16.

Mini-tender offers are devised to seek less than 5% of a company's stock and are not subject to many of the investor protections afforded to larger tender offers and requirements of the U.S. Securities and Exchange Commission, the company said in a Jan. 3 statement.