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BRP Announces Preliminary Results of Substantial Issuer Bid
BRP Announces Preliminary Results of Substantial Issuer Bid Canada NewsWire ...
About this update from Brp, Inc.
[{"type":"text","content":"\n \n \n \n BRP Announces Preliminary Results of 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 July 25, 2021\n \n /CNW Telbec/ -\n \n \n BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today announced the preliminary results of its substantial issuer bid (\"SIB\"), pursuant to which BRP offered to purchase for cancellation a number of its subordinate voting shares (\"Shares\") for an aggregate purchase price not to exceed $350 million at a purchase price of not less than\n \n $94.00\n \n and not more than\n \n $113.00\n \n per Share. The SIB expired at 11:59 p.m. (\n \n Montreal\n \n time) Friday July 23, 2021. All dollar amounts are in Canadian dollars.\n \n \n In accordance with the terms and conditions of the SIB and based on the preliminary calculation of Computershare Investor Services Inc. (\"Computershare\"), as depositary for the SIB, BRP expects to take up and pay for 3,381,642 Shares at a price of\n \n $103.50\n \n per Share under the SIB, representing an aggregate purchase price of approximately $350 million and 4% of the total number of BRP's issued and outstanding Shares and multiple voting shares before giving effect to the SIB.\n \n \n The full details of the SIB are described in the offer to purchase and issuer bid circular dated\n \n June 18, 2021\n \n , as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at\n \n www.sedar.com\n \n and on EDGAR at\n \n \n www.sec.com\n \n .\n \n \n \n 2,938,973 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the SIB 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 SIB (other than \"odd lot\" tenders, which are not subject to proration). BRP currently expects that shareholders...