Magna International Inc. - TSX accepts Notice of Intention to make Normal Course Issuer Bid

About this update from Magna International Inc.

[{"type":"text","content":"\n\n\nAURORA, ON, Nov. 8, 2013 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Toronto Stock Exchange (\"TSX\") had accepted its\n Notice of Intention to Make a Normal Course Issuer Bid (the \"Notice\").\n Pursuant to the Notice, Magna may purchase up to 12,000,000 Magna Common Shares (the \"Bid\"), representing approximately 5.4% of its\n public float. As at November 6, 2013 Magna had 223,629,978 issued and\n outstanding Common Shares, including a public float of 222,485,648\n Common Shares. During the previous 12 months, Magna has purchased\n 12,000,000 Common Shares pursuant to a normal course issuer bid at a\n weighted average purchase price of US$69.36 per Common Share.\n\n\nThe primary purposes of the Bid are purchases for cancellation, as well\n as purchases to fund Magna's stock-based compensation awards or\n programs and/or Magna's obligations to its deferred profit sharing\n plans. Magna may purchase its Common Shares, from time to time, if it\n believes that the market price of its Common Shares is attractive and\n that the purchase would be an appropriate use of corporate funds and in\n the best interests of the Corporation.\n\n\nThe Bid will commence on November 13, 2013 and will terminate no later\n than November 12, 2014. All purchases of Common Shares will be made on\n the TSX at the market price at the time of purchase in accordance with\n the rules and policies of the TSX or on the New York Stock Exchange\n (\"NYSE\") in compliance with Rule 10b-18 under the U.S. Securities\n Exchange Act of 1934. Purchases may also be made through other\n published markets, or by such other means as may be permitted by the\n TSX, including by private agreement pursuant to an issuer bid exemption\n order issued by a securities regulatory authority.  Purchases made by\n way of such private agreements under an issuer bid exemption order will\n be at a discount to the prevailing market price.  The rules and\n policies of the TSX contain restrictions on the number of shares that\n can be purchased under the Bid, based on the average daily trading\n volumes of the Common Shares on the TSX. Similarly, the safe harbor\n conditions of Rule 10b-18 impose certain limitations on the number of\n shares that can be purchased on the NYSE per day. As a result of such\n restrictions, subject to certain ...

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