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Power Corporation Announces Intention to Repurchase up to $1.35 billion of its Subordinate Voting Shares through a Substantial Issuer Bid
Power Corporation Announces Intention to Repurchase up to $1.35 billion of its Subordinate...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation Announces Intention to Repurchase up to $1.35 billion of its Subordinate Voting Shares through a Substantial 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, March 4, 2019\n\n\n\nReaders are referred to the section \"Forward-Looking Statements\" at the end of this release. \n MONTRÉAL, March 4, 2019 /CNW Telbec/ - Power Corporation of Canada (\"Power Corporation\", the \"Corporation\" or \"PCC\") (TSX: POW) today announced its intention to conduct a substantial issuer bid to repurchase for cancellation up to $1.35 billion of its subordinate voting shares (the \"PCC Offer\"). The PCC Offer will proceed by way of a modified Dutch auction1. \nGreat-West Lifeco Inc. (\"Great-West\") (TSX: GWO), a subsidiary of Power Financial Corporation (\"Power Financial\" or \"PFC\") (TSX: PWF), itself a subsidiary of Power Corporation, announced today its intention to conduct a substantial issuer bid (the \"Great-West Offer\") to repurchase for cancellation up to $2 billion of its common shares. The Great-West Offer follows Great-West's announcement on January 24, 2019 that it had agreed to sell its U.S. individual life insurance and annuity business. The Great-West Offer allows Great-West to repurchase shares at currently attractive market valuations while maintaining the capital to fund strategic investments to drive growth and profitability. Power Financial intends to support Great-West through its participation in the Great-West Offer by tendering a significant portion of its Great-West shares on a proportionate basis1 and all remaining tendered shares on a non-proportionate basis1. Consequently, Power Financial expects its ownership in Great-West will...