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Magna Announces Specific Share Repurchase Programs as Part of Normal Course Issuer Bid
Magna Announces Specific Share Repurchase Programs as Part of Normal Course Issuer Bid ...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nMagna Announces Specific Share Repurchase Programs as Part of Normal Course Issuer Bid\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\nCanada NewsWire\nAURORA, ON, Nov. 21, 2017\n\n\n\nAURORA, ON, Nov. 21, 2017 /CNW/ - Magna International Inc. (TSX: MG; NYSE: MGA) today announced that it intends to purchase for cancellation Common Shares pursuant to two specific share repurchase programs (the \"Programs\" and each, a \"Program\"). Magna has entered into agreements (collectively, the \"Agreements\") with two arm's-length third party sellers to repurchase Common Shares through daily purchases under each Program. The Programs will run sequentially with purchases under the first Program taking place between November 24, 2017 and December 29, 2017, subject to a maximum of 1,472,000 Common Shares. Purchases under the second Program will take place between the trading day following the completion of all purchases under the first Program and December 29, 2017, subject to a maximum of 1,400,000 Common Shares. The Programs will form part of Magna's current normal course issuer bid for up to 35,800,000 Common Shares (the \"NCIB\") and all purchases will be made in accordance with the TSX rules applicable to the NCIB, subject to limited exceptions as provided in two separate issuer bid exemption orders issued by the Ontario Securities Commission in connection with the Programs (collectively, the \"Orders\").\n\nUnder the Programs:\n\n\npurchases on any one day must not exceed the daily limit under Magna's NCIB;\nthe price paid by Magna in any transaction will be at a discount to the volume weighted average trading price of the Common Shares on the Canadian markets on that date;\nMagna cannot purchase any other Common Shares under the NCIB during the term of the Programs;\nno purchases will be made during any trading blackout imposed by Magna; and \nall Common Shares purchased by Magna will be cancelled.\n\nMagna currently intends to purchase the maximum of 2,872,000 Common Shares in the aggregate under the Programs, however the number of Common Shares purchased pursua...