Magna obtains issuer bid exemption orders to permit purchases by way of private agreement

About this update from Magna International Inc.

[{"type":"text","content":"\n\nAURORA, ON, Nov. 25, 2014 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission (\"OSC\") has issued issuer bid exemption orders (the \"Orders\") permitting us to make private agreement purchases of Magna International Inc.'s (\"Magna\") Common Shares from three arm's length third-party sellers. Any purchases of our Common Shares made by way of private agreement under the Orders will be at a discount to the prevailing market price, may be made in tranches over time, and must otherwise comply with the terms of each of the Orders, including that: only one such purchase is permitted per calendar week; any such purchase must occur prior to the expiry of our Normal Course Issuer Bid (the \"Bid\") on November 12, 2015; and the maximum number of Common Shares which may be purchased by way of all such private agreements cannot exceed 6,666,666, being one-third of the total number of Common Shares which may be purchased under the Bid. \n\nAll Common Shares purchased by way of private agreement made pursuant to the Orders will be included in computing the number of Common Shares purchased under the Bid, and information regarding each purchase, including the number of Common Shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase. \n\nSubject to regulatory requirements, the actual number of Common Shares to be purchased under the Bid, whether by way of any such private agreement or otherwise, and the timing of any such purchases will continue to be determined by us having regard to future price movements, our determination that such purchases would be an appropriate use of corporate funds and in the best interests of Magna, and other factors. All purchases will be subject to our normal trading blackouts. \n\nABOUT MAGNA\n\nWe are a leading global automotive supplier with 312 manufacturing operations and 83 product development, engineering and sales centres in 29 countries.  We have over 130,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing.  Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electroni...

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