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BRP Announces $350,000,000 Substantial Issuer Bid
BRP Announces $350,000,000 Substantial Issuer Bid Canada NewsWire VAL...
About this update from Brp, Inc.
[{"type":"text","content":"\n \n \n \n BRP Announces $350,000,000 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 VALCOURT, QC\n \n ,\n \n June 15, 2021\n \n /CNW Telbec/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today announced that the Board of Directors has authorized the launch of a substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which BRP will offer to purchase for cancellation up to\n \n $350 million\n \n of its subordinate voting shares (the \"\n \n Shares\n \n \"). All dollar amounts are in Canadian dollars.\n \n \n Subject to obtaining the necessary exemptive relief under applicable securities laws in\n \n the United States\n \n and\n \n Canada\n \n , the Offer will proceed by way of a combination of a \"modified Dutch auction\" and a proportionate tender. Holders of Shares and multiple voting shares wishing to tender to the Offer will be entitled to do so pursuant to: (i) auction tenders in which they will specify the number of Shares being tendered at a price of not less than\n \n $94.00\n \n and not more than\n \n $113.00\n \n per Share in increments of\n \n $0.25\n \n per Share, (ii) purchase price tenders in which they will not specify a price per Share, but will rather agree to have a specified number of Shares purchased at the purchase price to be determined by auction tenders, or (iii) proportionate tenders in which they will agree to sell, at the purchase price to be determined by auction tenders, a number of Shares that will result in them maintaining their proportionate equity ownership in BRP following completion of the Offer. Shareholders who validly deposit Shares or multiple voting shares without specifying the method in which they are tendering such shares will be deemed to have made a purchase price tender.\n \n \n Holders of multiple voting shares will be entitled to participate in the Offer. Multiple voting shares taken up by BRP will be converted into Shares on a one-for-one basis immediately prior to take up. Beaudier Inc. and 4338618 Canada Inc., which collecti...