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Dundee Corporation Announces Substantial Issuer Bid for up to $44 Million in Value of its Series 2 Preferred Shares


On July 22, 2020, Dundee Corporation commenced a substantial issuer bid (the “Offer”) to purchase for cancellation up to $44 million in value of its Cumulative 5-Year Rate Reset First Preference Shares, Series 2 (the “Series 2 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, subject to the terms and conditions of the Offer, to individually select the price, within a price range of not less than $16.00 and not more than $18.50 per Series 2 Share (in increments of $0.10 per Share), at which they will tender their Series 2 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 Series 2 Shares tendered to the Offer, having an aggregate purchase price not exceeding $44 million. The Offer will expire on August 27, 2020 or such later time and date to which the Offer may be extended by Dundee, unless varied or withdrawn by Dundee.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, Jeff Roy and Conrad Lee (Securities and M&A) and Ken Snider and Tera Li Parizeau (Tax).

RELATED EXPERTISE: Securities | Mergers & Acquisitions | Taxation