Magna obtains issuer bid exemption order to permit purchases by way of private agreements from an additional seller

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[{"type":"text","content":"\n\n\nAURORA, ON, June 4, 2013 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission (\"OSC\") has\n issued an issuer bid exemption order (the \"June Order\") permitting us\n to make private agreement purchases from an arm's length third-party\n seller. Magna International Inc. was previously granted an issuer bid\n exemption order (the \"March Order\") on March 22, 2013 permitting us to\n make private agreement purchases from arm's length third-party sellers\n on certain terms and conditions contained in the March Order. Any\n purchases of our Common Shares made by way of any such private\n agreement under the June Order will be at a discount to the prevailing\n market price, may be made in tranches over time, and must otherwise\n comply with the terms of the June Order, including that: only one such\n purchase is permitted per calendar week; any such purchase must occur\n prior to our normal course issuer bid's (the \"Bid\") expiry on November\n 12, 2013; and the maximum number of Common Shares which may be\n purchased by way of all such private agreements, including under the\n March Order, cannot exceed 4,000,000, being one-third of the total\n number of Common Shares which may be purchased under the Bid. The\n maximum number of Common Shares purchased in any weekly tranche by way\n of private agreement will not exceed 1,000,000. As of the date hereof\n we have purchased 2,000,000 Common Shares under the March Order.\n\n\nAll Common Shares purchased by way of private agreement made pursuant to\n the March Order and the June Order will be included in computing the\n number of Common Shares purchased under the Bid (and will not exceed,\n in aggregate, more than one-third of the maximum number of Common\n Shares that we are permitted to purchase under the Bid). In addition,\n information regarding each purchase, including the number of Common\n Shares purchased and aggregate price paid, will be available on the\n System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.\n\n\nSubject to regulatory requirements, the actual number of Common Shares\n to be purchased under the Bid, whether by way of any such private\n agreement or otherwise, and the timing of any such purchases will\n continue to be determined b...

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