Business
BRP ANNOUNCES TERMS OF $250,000,000 SUBSTANTIAL ISSUER BID
BRP ANNOUNCES TERMS OF $250,000,000 SUBSTANTIAL ISSUER BID Canada NewsWire ...
About this update from Brp, Inc.
[{"type":"text","content":"\n \n \n \n BRP ANNOUNCES TERMS OF $250,000,000 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 VALCOURT, QC\n \n \n ,\n \n \n March 30, 2022\n \n \n /CNW Telbec/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today announced the terms of its previously announced substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which BRP plans to offer to purchase for cancellation up to\n \n $250 million\n \n of its subordinate voting shares (the \"\n \n Shares\n \n \"). All dollar amounts are in Canadian dollars.\n \n \n The Offer will proceed by way of a \"modified Dutch auction\". Holders of Shares and multiple voting shares wishing to tender to the Offer will be entitled to do so (i) by making an auction tender for a specified number of Shares at a price of not less than\n \n $103.00\n \n and not more than\n \n $123.00\n \n per Share in increments of\n \n $0\n \n .25 per Share; or (ii) by making 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. 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. The Offer does not provide shareholders with the opportunity to tender their Shares pursuant to proportionate tenders. All Shares purchased under the Offer will be cancelled.\n \n \n The purchase price to be paid by BRP for each validly deposited Share will be determined upon expiry of the Offer and will be based on the number of Shares validly deposited pursuant to auction tenders and purchase price tenders, and the prices specified by shareholders making auction tenders. As a result, BRP's shareholders who tender their Shares will set the purchase price for the Offer. The purchase price will be the lowest price (which will not be more than\n \n $123.00\n \n per Share and not less than\n \n $103.00\n \n per Share) which enables BRP to...