Modified Dutch Auction

Definition:

An auction structure in which tendering stockholders specify, from within a given range, a price at which they are willing to tender all or a portion of their securities. Once all tenders are received, the purchase price for all tendered securities accepted for payment is the lowest price per security from among the specified offer range at which the securities have been tendered that will enable the issuer to purchase the maximum number of securities, subject to the conditions of the Tender Offer.

See also Dutch Auction.

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