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Air Canada announces terms of $500,000,000 substantial issuer bid
Air Canada announces terms of $500,000,000 substantial issuer bid Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\n Air Canada announces terms of $500,000,000 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\n MONTREAL\n \n\n ,\n \n\n May 13, 2025\n \n\n /CNW/ - Air Canada (TSX: AC) today announced the terms of its previously announced substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which Air Canada will offer 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 \"). All dollar amounts are in Canadian dollars. The Offer is expected to commence on\n \n May 16, 2025\n \n and expire at\n \n 11:59 pm (Eastern time)\n \n on\n \n June 20, 2025\n \n , unless extended, varied or withdrawn by Air Canada.\n \n\n\n\n\n\n\n\n\n The Offer will proceed by way of a modified \"Dutch auction\", pursuant to which shareholders wishing to tender their Shares will be entitled to do so by making (i) an auction tender for a specified number of Shares at a price not less than\n \n $18.50\n \n per Share and not more than\n \n $21.00\n \n per Share (an \"\n \n Auction Tender\n \n \") or (ii) a purchase price tender without specifying a price per Share, but rather agreeing to have a specified number of Shares purchased at the purchase price to be determined by the Auction Tenders (a \"\n \n Purchase Price Tender\n \n \"). For the purpose of determining the purchase price, shareholders who tender Shares in Purchase Price Tenders will be deemed to have tendered such Shares at the minimum price of\n \n $18.50\n \n per Share. Shareholders who tender Shares without making a valid Auction Tender or Purchase Price Tender will be deemed to have made a Purchase Price Tender. The purchase price of all Shares under the Offer will be the lowest price that enables Air Canada to purchase up to the maximum number of Shares pursuant to valid Auction Tenders and Purchase Price Tenders having an aggregate purchase price not to exceed\n \n $500 million\n \n .\n \n\n The Offer will be for approximately up to 7.4% to 8.4% of the total number...