Dutch Auctions

As opposed to traditional "fixed price" offers, these are specialized forms of tender offers in which the bidder provides a range of potential purchase prices, in response to which each target investor selects the price at or above which it is willing to sell its shares. At the expiration, the purchaser selects the lowest price at or below which the desired percentage of securities have been offered for purchase.

In these situations, we perform the same functions as we do in fixed price offers. In addition, prior to the offer, we provide input into the appropriate "spread" between the potential purchase prices. During the offer period, we provide intelligence on which potential purchase price is likely to be the final price.