Dream Office REIT purchased and canceled a total of 20,952,380 series A units at C$21.00 apiece, or roughly C$440 million in the aggregate, under its oversubscribed modified Dutch auction offer.
The purchased units represent roughly 21.3% of the issued and outstanding series A units as of Aug. 8. Following the offer, a total of 77,224,424 series A units remain outstanding.
According to the depositary for the offer, 24,665,403 series A units were properly tendered and not withdrawn, and the company purchased about 84.9% of the successfully tendered units.
Computershare Trust Co. of Canada was the depositary for the offer.
In addition, Dream Office renewed its normal course issuer bid by one year through the earlier of Aug. 14, 2018, or the date on which the company has bought the maximum number of series A units allowed under the offer. During the period, the company may buy and cancel up to 7,197,095 series A units through the facilities of the Toronto Stock Exchange.
Under its previous normal course issuer bid from June 22, 2016, to June 21, the company purchased and canceled 10,732,867 series A units at an average price of C$19.28 apiece for an aggregate cost of C$207 million.