RE:RE:RE:RE:RE:Spoke to a TD specialist about this $12 dealTickBomb wrote: It'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"If greater than 74,166,670 Units are properly tendered and not properly withdrawn pursuant to the Offer, then we will purchase Units on a pro- rata basis according to the number of Units properly tendered and not properly withdrawn (with adjustments to avoid the purchase of fractional Units).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.
As far as I remember, it was the same the last time, if oversubscribed. They also give themselves some room to modify the offer, so if they get it fully susbscribed, they could get more money and increase the limit.