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CN to purchase its common shares under specific share repurchase programs
CN to purchase its common shares under specific share repurchase programs CN to pu...
About this update from Canadian National Railway Company
[{"type":"text","content":"\n\n\n\nCN to purchase its common shares under specific share repurchase programs\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\nCN to purchase its common shares under specific share repurchase programs\nCanada NewsWire\nMONTREAL, July 29, 2016\n\n\n\nMONTREAL, July 29, 2016 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that it will repurchase common shares under three specific share repurchase programs (Programs). These purchases will form part of the Normal Course Issuer Bid for up to 33 million shares (Bid) announced on Oct. 27, 2015.\n\nCN will enter into three share repurchase agreements (Agreements) with third parties to repurchase common shares through daily purchases that will take place commencing upon the completion of the previous share repurchase agreement up to October 29, 2016, subject to a maximum of 7,449,000 common shares. Pursuant to the terms of the Agreements, and subject to the terms of issuer bid exemption orders issued by the Ontario Securities Commission (Orders), the third parties will purchase CN's common shares on the open market in accordance with the rules applicable to the Bid, for the purpose of ultimately fulfilling their delivery obligations to CN under the Agreements. The price that CN will pay for any common shares purchased by it from the third parties under the Agreements will be negotiated by CN and the third parties and will be at a discount to the prevailing market price of CN's common shares on the TSX at the time of the purchase. Information regarding the number of common shares purchased and aggregate purchase price will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following completion of each Program.\n\nPursuant to the terms of the Agreements and the Orders, all purchases made by the third parties or their agents on the TSX or any alternative trading markets pursuant to the Programs will be made independently of CN and will be made in accordance with the TSX rules applicable to the Bid, subject to limited exceptions as provided in the Orders. In addition, CN and a...