J.P. Morgan Comments On SunPower Tender Offer

According to J.P. Morgan, SunPower SPWRA announced a tender offer by French oil giant Total yesterday for up to 60% of its outstanding shares. J.P. Morgan said that the offer price of $23.25/share represents a nearly 50% premium to the last closing price and would value SunPower at $2.3 billion. “Given the sizable premium, we would expect the tender offer to be fully subscribed once it closes in about a month.” SunPower closed yesterday at $16.12.