Magna International announced that it intends to purchase for cancellation common shares pursuant to two specific share repurchase programs. Magna has entered into agreements with two “arm’s-length” third party sellers to repurchase common shares through daily purchases under each program.
The programs will run sequentially with purchases under the first program taking place between Nov. 24 and Dec. 29, subject to a maximum of 1.472 million common shares. Purchases under the second program will take place between the trading day following the completion of all purchases under the first program and Dec. 29, subject to a maximum of 1.4 million common shares.
The programs will form part of Magna’s current normal course issuer bid for up to 35.8 common shares and all purchases will be made in accordance with the TSX rules applicable to the normal course issuer bid, subject to limited exceptions as provided in two separate issuer bid exemption orders issued by the Ontario Securities Commission.
Magna currently intends to purchase the maximum of 2.872 million common shares in the aggregate under the programs, however the number of common shares purchased pursuant to the programs may be less than the maximum if, among other things, it is not possible to purchase common shares within the pricing range established prior to commencement of each program, if trading is suspended, or as a result of market factors.
