https://www.5iresearch.ca/company/tsx/CIX
An NCIB bid takes place over the course of a year, and is an option by the company. In a Dutch Auction, the company commits to buying a large block of shares, all at once. In CIX's case, it is $100M, with pricing set from $13.64 to $15.28. Tendering shareholders set their price, or can take the 'clearing' price. The final price will be the lowest price that allows the company to buy $100M in shares. This will buy and cancel about 4% of the shares outstanding all at once. To tender, investors need to simply advise their broker of their intentions. Generally we would not tender. The company believes shares are undervalued, and is willing to spend $100M to prove its point. Per-share earnings leverage will increase if the company performs well.