Business
AutoCanada Announces Increase to Price Range and Extension of its Substantial Issuer Bid
AutoCanada Announces Increase to Price Range and Extension of its Substantial Issuer Bid ...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AutoCanada Announces Increase to Price Range and Extension of its 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 EDMONTON, AB\n \n \n ,\n \n \n Aug. 2, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"\n \n AutoCanada\n \n \" or the \"\n \n Company\n \n \") (TSX: ACQ) announced today the amendment of the terms of its previously announced substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which the Company will offer to purchase up to\n \n $100,000,000\n \n in value of its outstanding common shares (the \"\n \n Shares\n \n \") from its shareholders (\"\n \n Shareholders\n \n \") to increase the price range at which Shares will be purchased in the Offer to a price of not less than\n \n $25.00\n \n and not more than\n \n $28.00\n \n (the \"\n \n Enhanced Range\n \n \"). The Enhanced Range varies the original price range of the Offer of not less than\n \n $22.00\n \n and not more than\n \n $25.00\n \n . In connection with the variation of the price range of the Offer, the expiry date of the Offer has been extended to\n \n 5:00 p.m.\n \n (Toronto Time) on August 15, 2022, or such later date and time to which the Offer may be extended by AutoCanada (such time on such date, the \"\n \n Expiration Date\n \n \"). All other terms of the Offer remain unchanged.\n \n \n \n \n \n \n \n \n \n As of\n \n August 1, 2022\n \n , there were 26,562,695 Shares issued and outstanding. Given the Enhanced Range, the Offer is for approximately 15.06% of the total number of issued and outstanding Shares if the purchase price is determined to be\n \n $25.00\n \n (which is the minimum price per Share under the Enhanced Range of the Offer) or approximately 13.45% of the total number of issued and outstanding Shares if the purchase price is determined to be\n \n $28.00\n \n (which is the maximum price per Share under the Enhanced Range of the Offer).\n \n \n The Offer is being made by way of a \"modified Dutch auction\". Shareholders wishing to tender to the Offer will be entitled to do so pursuant to: (a) auc...