At what price will Columbia purchase common shares in the tender offer?
A7. The tender offer will be structured as a modified “Dutch Auction,” with the minimum price of $22.00 per share and the maximum price of $25.00 per share, in $0.50 increments, such as:
7. $25.00Columbia’s purchase price under the tender offer will be the lowest price per common share from within this range at which common shares have been properly tendered and not withdrawn, which will enable Columbia to purchase the maximum number of common shares having an aggregate purchase price not exceeding $300 million.
All recent Dutch Auctions - American Realty Capital Trust, Cole Real Estate Investments and Chambers Street - have accepted tendered shares at the lowest offer price. I am too surprised to comment further on this pricing.