Nutrien Ltd. (TSX and NYSE: NTR) received notice of an unsolicited mini-tender offer from Ocehan LLC to purchase up to 100,000 common shares at C$70.20 per share, representing approximately 0.02% of outstanding shares.

The offer price represents discounts of 24.91% and 26.13% to Nutrien's closing prices on the Toronto Stock Exchange and New York Stock Exchange on May 8, 2026, the last trading day before the offer commenced.

Nutrien stated it does not endorse the offer and has no association with Ocehan. The company cautioned shareholders that the offer price falls below current market value.

According to the press release, Ocehan has made similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers avoid many investor protections and disclosure requirements that apply to standard takeover bids under Canadian and U.S. securities law.

The Canadian Securities Administrators and U.S. Securities and Exchange Commission have expressed concerns about mini-tender offers. The SEC noted that bidders make such offers at below-market prices, hoping to catch investors off guard who do not compare the offer price to current market prices.

Nutrien urged shareholders to obtain current market quotations, consult financial advisors, and exercise caution regarding the offer. The company advised shareholders who already tendered shares to consider withdrawal procedures outlined in Ocehan's offering documents.

The company also encouraged brokers and dealers to exercise caution and review SEC guidance on mini-tender offer dissemination and disclosures.