RE:RE:RE:RE:Spoke to a TD specialist about this $12 dealIt's a prorated tender not an auction this time. So it will be at $12, but an oversubscription would leave arbatrageurs left with shares:
"If greater than 74,166,670 Units are properly tendered and not properly withdrawn pursuant to the Offer, then we will purchase Units on a pro- rata basis according to the number of Units properly tendered and not properly withdrawn (with adjustments to avoid the purchase of fractional Units). See “Offer to Purchase – Number of Units and Pro-Ration”."
You have to read the tender offer on Sedar.