Magna International - TSX accepts Notice of Intention to Make Normal Course Issuer Bid

About this update from Magna International Inc.

[{"type":"text","content":"\n\n\n\n\n\nAURORA, ON, Nov. 9, 2011 /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, we may purchase up to 12,000,000 Magna Common Shares (the \"Bid\"), representing approximately 5.1% of our\n public float. As at November 7, 2011 we had 236,821,674 issued and\n outstanding Common Shares, including a public float of 235,416,021 Common Shares. During the previous 12 months, the Corporation has\n purchased 7,678,300 Common Shares pursuant to a normal course issuer\n bid at an average purchase price of US$38.79 per Common Share.\n\n\nThe primary purposes of the Bid are purchases for cancellation, as well\n as purchases to fund our stock-based compensation awards or programs\n and and/or our obligations to our deferred profit sharing plans. The\n Corporation 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 11, 2011 and will terminate no later\n than November 10, 2012. All purchases of Common Shares will be made at\n the market price at the time of purchase in accordance with the rules\n and policies of the TSX. Purchases may also be made on the New York\n Stock Exchange (\"NYSE\") in compliance with Rule 10b-18 under the U.S.\n Securities Exchange Act of 1934. The rules and policies of the TSX\n contain restrictions on the number of shares that can be purchased\n under the Bid, based on the average daily trading volumes of the Common\n Shares on the TSX. Similarly, the safe harbor conditions of Rule 10b-18\n impose certain limitations on the number of shares that can be\n purchased on the NYSE per day. As a result of such restrictions,\n subject to certain exceptions for block purchases, the maximum number\n of shares which can be purchased per day during the Bid on the TSX is\n 198,576. Subject to certain exceptions for block purchases, the maximum\n number of shares which can be purchased per day on the NYSE will be 25%\n of the average daily trading volume for the four calendar weeks\n preceding the date of purchase. Subj...

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