- DND.TO’s dual-track sale has run roughly 10 months; the author sees complex bids, CFS separation, lender consents, debt repayment and contracts—not a failed auction—as the cause of delay.
- The interim CEO says the process is close to ending; top-three shareholders have not sold, while Q4 revenue rose 4% and adjusted EBITDA 18% excluding Credas, reaching $55.1M.
- Leaked bids imply $5.75–$7/share for the company or $600–$765M for CFS versus $1.32; the author’s clean CFS-led case targets $5.50, roughly 4x.
- The author expects a substantive outcome within 1–2 weeks, likely before October 23; the thesis depends on a transaction closing and its final structure.
Investment pitches
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