Business
TSX accepts Notice of Intention to Make Normal Course Issuer Bid
TSX accepts Notice of Intention to Make Normal Course Issuer Bid TSX accepts Notic...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nTSX accepts Notice of Intention to Make 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\nTSX accepts Notice of Intention to Make Normal Course Issuer Bid\nCanada NewsWire\nAURORA, Ontario, Canada, Nov. 10, 2016\n\n\n\nAURORA, Ontario, Canada, Nov. 10, 2016 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Toronto Stock Exchange (\"TSX\") had accepted its Notice of Intention to Make a Normal Course Issuer Bid (the \"Notice\"). Pursuant to the Notice, Magna may purchase up to 38,000,000 Magna Common Shares (the \"Bid\"), representing approximately 10% of its public float. As at November 9, 2016, Magna had 384,409,283 issued and outstanding Common Shares, including a public float of 381,776,401 Common Shares. During the previous 12 months, Magna has purchased 22,792,564 Common Shares pursuant to a normal course issuer bid at a weighted average purchase price of US$40.63 per Common Share. \n\nThe primary purposes of the Bid are purchases for cancellation, as well as purchases to fund Magna's stock-based compensation awards or programs and/or Magna's obligations to its deferred profit sharing plans. Magna may purchase its Common Shares, from time to time, if it believes that the market price of its Common Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the Corporation. \n\nThe Bid will commence on November 15, 2016 and will terminate no later than November 14, 2017. All purchases of Common Shares under the Bid may be made on the TSX, at the market price at the time of purchase in accordance with the rules and policies of the TSX or on the New York Stock Exchange (\"NYSE\") in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Purchases may also be made through alternative trading systems in Canada and/or the United States or by private agreement pursuant to an issuer bid exemption order issued by a securities regulatory authority.  Purchases made by way of such private agreements under an issuer bid exemption or...