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Dundee Corporation Announces Intention to Launch Substantial Issuer Bid for up to $20 Million in Value of its Class A Subordinate Voting Shares


On November 23, 2020, Dundee Corporation announced that it intends to commence a substantial issuer bid (the “Offer”) to purchase for cancellation up to $20 million in value of its Class A subordinate voting shares (the “SV Shares”) in the capital of Dundee. The Offer is being made by way of a “modified Dutch auction”, which will allow holders who choose to participate in the Offer to individually select the price, within a price range of not less than $1.40 and not more than $1.60 per SV Share (in increments of $0.05 per SV Share), at which they will tender their SV Shares to the Offer. Upon expiry of the Offer, Dundee will determine the lowest purchase price that will allow it to purchase the maximum number of SV Shares tendered to the Offer, having an aggregate purchase price not exceeding $20 million. The Offer is anticipated to commence within the next week and will expire on January 11, 2021 or such date to which the Offer may be extended by Dundee, unless varied or withdrawn by Dundee.

Cassels is acting for Dundee with a deal team that includes Jay King, Kyle Simpson, Paul Stein and Randall Blom (Securities and M&A) and Ken Snider and Tera Li Parizeau (Tax).

RELATED EXPERTISE: Securities | Mergers & Acquisitions | Taxation