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  5. DND: Received from RBC Direct Investment [Dye & Durham Limited]
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Q: Received from RBC Direct Investment:

A Tender Offer for: Dye & Durham Limited. Common***Dye & Durham Limited

This offer is made by: Dye & Durham Limited.

Unsure how to respond?

Thank you.
Asked by Ross on May 29, 2023
5i Research Answer:

DND is buying back $15M in stock at a price between $17 and $20. The clearing price will be the lowest price at which enough shares are tendered to total $15M. DND has bought back shares before in such Dutch Auctions ($150M at $14.50 in November 2022) and continues to believe its shares are undervalued. We tend to agree here, and think investors can ignore this offer.

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