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AUTOCANADA ANNOUNCES INTENTION TO COMMENCE SUBSTANTIAL ISSUER BID
AUTOCANADA ANNOUNCES INTENTION TO COMMENCE SUBSTANTIAL ISSUER BID Canada NewsWi...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA ANNOUNCES INTENTION TO COMMENCE 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 Nov. 9, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"\n \n AutoCanada\n \n \" or the \"\n \n Company\n \n \") (TSX: ACQ) announced today its intention to commence a substantial issuer bid to purchase up to\n \n $50,000\n \n ,000 of its common shares from its shareholders for a minimum price of\n \n $25.00\n \n per share and a maximum price of\n \n $28.00\n \n per share by way of a \"modified Dutch auction\".  The bid would be for approximately 7.87% of the outstanding shares if the purchase price is determined to be\n \n $25.00\n \n per share or approximately 7.03% of the outstanding shares if the purchase price is determined to be\n \n $28.00\n \n per share.\n \n \n \n \n \n \n \n \n \n Shareholders will be able to tender shares to the bid by way of (a) auction tenders in which they will specify the number of shares being tendered at a price of not less than\n \n $25.00\n \n and not more than\n \n $28.00\n \n per share in increments of\n \n $0.25\n \n per share, or (b) purchase price tenders in which they will not specify a price per share, but will agree to have a specified number of shares purchased at the purchase price to be determined by auction tenders.\n \n \n The price to be paid for each share will be based on the number of deposited shares and the prices specified by shareholders making auction tenders. The purchase price will be the lowest price which enables the Company to purchase the maximum number of shares not exceeding an aggregate of\n \n $50,000\n \n ,000 in value. All shares deposited at or below the finally determined purchase price will be purchased at such purchase price, subject to proration. Shares that are not taken up under the bid, including shares deposited by way of auction tenders at prices above the final purchase price, will be returned to shareholders.\n \n \n If the aggregate purchase price for shares tendered pursuant to au...