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Power Corporation Announces Preliminary Results of Substantial Issuer Bid
Power Corporation Announces Preliminary Results of Substantial Issuer Bid Canada N...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation Announces Preliminary Results of 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\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, April 15, 2019\n\n\n\nReaders are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.  \n MONTRÉAL, April 15, 2019 /CNW Telbec/ - Power Corporation of Canada (the \"Corporation\" or \"PCC\") (TSX: POW) today announced the preliminary results of its substantial issuer bid (the \"PCC Offer\") to repurchase for cancellation up to $1.35 billion of its subordinate voting shares (\"Shares\"). The PCC Offer expired at 2:00 p.m. on April 13, 2019. \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 preliminary results from its own substantial issuer bid (the \"Great-West Offer\") whereby Great-West expects to take up and purchase for cancellation approximately 59.7 million common shares of Great-West (\"Great-West Shares\") (including Great-West Shares tendered by notice of guaranteed delivery) at a purchase price of $33.50 per Great-West Share. Great-West Shares expected to be purchased under the Great-West Offer represent approximately 6.0% of the issued and outstanding Great-West Shares on a non-diluted basis at the time that the Great-West Offer was announced. After giving effect to the Great-West Offer, approximately 928.7 million Great-West Shares are expected to be issued and outstanding.\nPower Financial announced today its preliminary results from its own substantial issuer bid (the \"PFC Offer\") whereby Power Financial expects to take up and purchase for cancellation approximately 50.0 million common shares of Power Financial (\"PFC Shares\") (including PFC Shares tendered by notice of guaranteed delivery) at a purchase price of $33.00 per PFC Share. PFC Shares expected to be purchased under the PFC Offer represent approximately 7.0% of the issued and outstanding PF...