Dundee Corporation’s $20 Million Substantial Issuer Bid

Cassels acted for Dundee on the transaction.

Dundee Corporation (TSX: DC.A) announced it intends to commence a substantial issuer bid to purchase for cancellation up to $20 million in value of its Class A subordinate voting 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week and will expire on January 11, 2021 or such date to which the Offer may be extended by Dundee, unless varied or withdrawn by Dundee.

Dundee Corporation is a public Canadian independent holding company. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure.

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

Involved fees earner: Randall Blom – Cassels Brock & Blackwell LLP; Jay King – Cassels Brock & Blackwell LLP; Tera Li Parizeau – Cassels Brock & Blackwell LLP; Kyle Simpson – Cassels Brock & Blackwell LLP; Ken Snider – Cassels Brock & Blackwell LLP; Paul Stein – Cassels Brock & Blackwell LLP;

Law Firms: Cassels Brock & Blackwell LLP;

Clients: Dundee Corp;

Author: Ambrogio Visconti