Sandisk Corporation ( SNDK ) has issued a formal warning advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC to purchase up to 100,000 shares of its common stock at $1,150.00 per share. This volume represents less than 0.07% of SanDisk’s total outstanding shares as of April 24, 2026. The company emphasizes that it does not endorse or support the offer, has no connect...
Sandisk Corporation ( SNDK ) has issued a formal warning advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC to purchase up to 100,000 shares of its common stock at $1,150.00 per share. This volume represents less than 0.07% of SanDisk’s total outstanding shares as of April 24, 2026. The company emphasizes that it does not endorse or support the offer, has no connection to Tutanota or its documentation, and strongly urges investors to take no action. The offer's target price of $1,150.00 is strictly dependent on SanDisk’s stock closing above this amount on the final trading day before expiration. If this condition is not waived by Tutanota, shareholders who participate will effectively receive less than fair market value. Additionally, Tutanota reserves the right to extend the offer for periods between 45 and 180 days, which would significantly delay payout. Shareholders who have already tendered their shares can withdraw them at any time before the current expiration deadline, set for 5:00 p.m. ET on May 20, 2026, unless extended. Sandisk does not support Tutanota's offer and has no connection to Tutanota or its documentation. Tutanota has made mini-tender offers for stock in various public companies, including Sandisk. This offer is for less than five percent of Sandisk's shares, which means it is not subject to many SEC rules that protect investors. The SEC warns that mini-tender offers can be below market prices, potentially misleading investors if they do not compare the offer to current prices. More on Sandisk Corporation Sandisk: Structural Demand That Isn't Going Anywhere Soon Sandisk: Time To Sell (Rating Downgrade) Sandisk: Leveraging Japan's State Support Through The Kioxia Partnership Semiconductor stocks dominate best YTD performing mega caps list These high beta stocks earn the highest Quant ratings
peshkov/iStock via Getty Images The following segment was excerpted from the Tourlite Capital Q1 2026 Investor Letter. During the quarter, our average dollar net exposure was 33% and beta-adjusted net exposure was 43%. Gross exposure ranged between ~200% and ~265%, with an average of 242%. Despite this higher net exposure, our percentage of idiosyncratic risk remained in the ~80% range. We maintai...
peshkov/iStock via Getty Images The following segment was excerpted from the Tourlite Capital Q1 2026 Investor Letter. During the quarter, our average dollar net exposure was 33% and beta-adjusted net exposure was 43%. Gross exposure ranged between ~200% and ~265%, with an average of 242%. Despite this higher net exposure, our percentage of idiosyncratic risk remained in the ~80% range. We maintain our view that a “normal” net exposure range of 20-30% remains optimal for our portfolio construction. Our portfolio’s sector concentration was as follows: consumer (~20%), industrials (~50%), technology (~20%), and others (~7%). ⁵ As discussed in our prior letters, we remain short consumer and long industrials. Our average dollar exposure for each sector was: consumer (-38%), industrials (+73%), technology (-8%), and others (+6%). First Quarter Gainers & Detractors Gainers Detractors FTAI Aviation Montana Aerospace (MHRAF) Golar LNG ( GLNG ) New Fortress Energy ( NFE ) Special Situations Long Zevia ( ZVIA ) Technology Short Industrial Short USA Today (GCI) Consumer Short Click to enlarge Click to enlarge Montana Aerospace (AERO SW) We believe Montana is the most undervalued position in our portfolio and remain highly convicted in its’ long-term prospects. The stock currently trades at less than 7x 2027E EBITDA, a staggering discount compared to its peer group’s low-to-mid teens multiple, and trades at a low-double-digit free cash flow yield, offering a significant margin of safety. We believe this dislocation exists primarily due to remediable factors, including historically poor investor communication, overly conservative guidance for 2026 and 2027, and broader market anxiety regarding Boeing ( BA ) and Airbus ( EADSF ) production rates alongside geopolitical instability. The stock’s underperformance is further exacerbated by its Swiss listing and recent leadership change. In April, Montana’s CEO unexpectedly stepped down for personal reasons shortly after supposedly mis...
Mizuho Financial Group Inc. plans to trim its stake in Orient Corp. , after an activist investor urged it to either consolidate or sell its holding in the credit card company. Japan’s third-largest lender will sell a 15% stake in Orico, Mizuho said in a statement on Friday. That will reduce its holding to about 33.8% from more than 48% currently. Activist fund Strategic Capital Inc. , which owns a...
Mizuho Financial Group Inc. plans to trim its stake in Orient Corp. , after an activist investor urged it to either consolidate or sell its holding in the credit card company. Japan’s third-largest lender will sell a 15% stake in Orico, Mizuho said in a statement on Friday. That will reduce its holding to about 33.8% from more than 48% currently. Activist fund Strategic Capital Inc. , which owns a small stake in Mizuho, had urged the bank to raise its stake in Orico and make it a wholly owned subsidiary, or alternatively divest completely. The fund owns almost 12% of Orico. Read More: Activist Calls on Mizuho to Make Orico a Wholly Owned Unit Strategic Capital has argued that Mizuho hasn’t been fully transparent about its role in relation to Tokyo-listed Orico. The bank has been acting as if it’s the parent of the consumer credit firm, such as by installing executives as presidents, which hurts shareholders’ interests, according to the activist fund.
Good morning . Keir Starmer braces for a UK leadership battle with Andy Burnham. Donald Trump and Xi Jinping hold their second day of talks. Russia presses university students to fill the ranks of drone pilots. Listen to the day’s top stories . Andy Burnham secured a path to challenge Keir Starmer for the UK prime minister’s job after the MP in Makerfield said he would step aside to make way for t...
Good morning . Keir Starmer braces for a UK leadership battle with Andy Burnham. Donald Trump and Xi Jinping hold their second day of talks. Russia presses university students to fill the ranks of drone pilots. Listen to the day’s top stories . Andy Burnham secured a path to challenge Keir Starmer for the UK prime minister’s job after the MP in Makerfield said he would step aside to make way for the Greater Manchester mayor. The pound tumbled . Read more about Burnham, dubbed by local media as “ King of the North ” and the favorite to unseat Starmer, and check out our Markets Today live blog for all the latest news and analysis relevant to UK assets. Donald Trump said he made “fantastic trade deals” with Xi Jinping as the US and Chinese leaders held a second day of talks in Beijing, though few concrete agreements emerged. US Trade Representative Jamieson Greer said he anticipates that China would commit to billions in American agricultural purchases. Trump told Fox News that Xi offered to help on Iran. Beijing urged the reopening of the Strait of Hormuz. Follow the latest developments in our live blog . Stocks tumbled and the Treasury two-year yield climbed to the highest level in 14 months as surging oil prices intensified fears of resurgent inflation , while investors began questioning whether the AI-fueled rally in equities has run too far. Tech roundup: Apple’s partnership with OpenAI has become so strained that the startup is preparing possible legal action, people familiar said. California proposed a new software tax that would affect vendors like Microsoft, Salesforce and Oracle. And a rally in Nvidia shares is vaulting the firm’s market capitalization toward $6 trillion, a valuation no company has ever reached . How the US Can Break China’s Rare Earths Grip Rare earths are the backbone of modern tech, and China has cornered the global market for them. As it uses that dominance as geopolitical leverage, can other countries break its grip? Watch the video Hung...
Before he even entered the race, Andy Burnham was the favourite to unseat Keir Starmer as Britain’s prime minister. The mayor of Greater Manchester led opinion polls and was the front runner among bookmakers and Polymarket. Late Thursday, the biggest obstacle fell away: Labour MP Josh Simons quit the House of Commons, clearing the way for Burnham to win a seat in Parliament, a requirement for the ...
Before he even entered the race, Andy Burnham was the favourite to unseat Keir Starmer as Britain’s prime minister. The mayor of Greater Manchester led opinion polls and was the front runner among bookmakers and Polymarket. Late Thursday, the biggest obstacle fell away: Labour MP Josh Simons quit the House of Commons, clearing the way for Burnham to win a seat in Parliament, a requirement for the top job. Arriving in London this week as Starmer’s government wobbled, Burnham has kept a low...