CN CNR CNI announced
today that it intends to purchase for cancellation up to 5.8 million of its
common shares pursuant to private agreements between CN and an arm's-length
third-party seller. The purchases will form part of CN's C$1.4 billion
share-repurchase program announced on Oct. 22, 2012.
Such purchases will be made pursuant and subject to the terms of an issuer bid
exemption order issued by the Ontario Securities Commission and will take
place before the end of March 2013. The price that CN will pay for any common
shares purchased by it under such agreements will be negotiated by CN and the
seller and will be at a discount to the prevailing market price of CN's common
shares on the Toronto Stock Exchange at the time of the purchase.
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