Business
Air Canada announces preliminary results of $500 million substantial issuer bid
Air Canada announces preliminary results of $500 million substantial issuer bid Canada ...
About this update from Air Canada
[{"type":"text","content":"\n\n\n\n Air Canada announces preliminary results of $500 million substantial issuer bid\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n MONTRÉAL\n \n ,\n \n\n June 23, 2025\n \n\n /CNW/ - Air Canada (TSX: AC) today announced the preliminary results of the now expired substantial issuer bid (the \"\n \n Offer\n \n \") to purchase for cancellation up to\n \n $500 million\n \n of its Class A Variable Voting Shares and Class B Voting Shares (collectively, the \"\n \n Shares\n \n \") at a purchase price of not less than\n \n $18.50\n \n and not more than\n \n $21.00\n \n per Share.\n \n\n\n\n\n\n\n\n\n Air\n \n Canada\n \n expects to take up and pay for 26,595,744 Shares at a price of\n \n $18.80\n \n per Share under the Offer, representing an aggregate purchase price of about\n \n $500,000,000\n \n and about 8.24% of the total number of Air Canada's issued and outstanding Shares as of June 20, 2025 and before giving effect to the Offer.\n \n\n In response to the Offer, 26,823,988 Shares were validly deposited and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the Offer was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders will have the number of Shares purchased prorated following the determination of the final results of the Offer (other than \"odd lot\" tenders, which are not subject to proration). Air\n \n Canada\n \n currently expects that shareholders who made auction tenders at or below the purchase price and purchase price tenders will have about 99.14% of their validly deposited Shares purchased by Air Canada.\n \n\n After giving effect to the Offer and based on the number of issued and outstanding Shares on June 20, 2025, Air Canada expects to have 296,131,236 Shares issued and outstanding.\n \n\n\n Further information\n \n\n\n The number of Shares validly deposited and not withdrawn, the number of Shares to be purchased, the proration factor and the purchase price referred to above are...