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Power Corporation Announces Terms of its Substantial Issuer Bid to Repurchase up to $1.35 billion of its Subordinate Voting Shares
Power Corporation Announces Terms of its Substantial Issuer Bid to Repurchase up to $1.35 ...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation Announces Terms of its Substantial Issuer Bid to Repurchase up to $1.35 billion of its Subordinate Voting Shares\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, March 8, 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, March 8, 2019 /CNW Telbec/ - Power Corporation of Canada (\"Power Corporation\", the \"Corporation\" or \"PCC\") (TSX: POW) today announced the terms of its previously announced substantial issuer bid (the \"PCC Offer\") to repurchase for cancellation up to $1.35 billion of its subordinate voting shares (the \"Shares\"). The PCC Offer will commence today and expire at 2:00 p.m. (Eastern Time) on April 13, 2019, unless extended or withdrawn.\nGreat-West Lifeco (\"Great-West\") earlier today announced the terms of its previously announced substantial issuer bid (the \"Great-West Offer\") to return capital to shareholders while maintaining significant excess capital to fund strategic investments, including acquisitions, to drive growth and profitability. \nPower Financial Corporation (\"Power Financial\") has also announced that it intends to support Great-West through its participation in the Great-West Offer and expects to use the proceeds from its participation in the Great-West Offer to fund the Power Financial substantial issuer bid (the \"PFC Offer\"), the terms of which were announced earlier today. The PFC Offer facilitates the repurchase of Power Financial shares at currently attractive valuations while maintaining a strong capital position to fund future growth opportunities. Power Corporation intends to support Power Financial through its participation in the PFC Offer.\nPower Corporation, as previously disclosed, expects to use the proceeds from its participation in the PFC Offer, along with the Corporation's available resources, to fund the PCC Offer. The PCC Offer facilitates the repurchase of PCC Shares at currently attractive valuations while maintaining the ...