Tim Hortons Announces Purchase of Up to 1.27M Shares Under Share Buyback
Tim Hortons Inc. (NYSE: THI) today announced that it will purchase for cancellation up to 1.27 million of its common shares pursuant to a private agreement with an arm's length third-party seller. The common shares so purchased will count towards the 15,239,531 common shares that Tim Hortons is entitled to repurchase for cancellation (subject to a maximum aggregate purchase price of $250 million) under its share repurchase program announced on February 21(st), 2013.
Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission, and will take place by way of several transactions to be effected pursuant to the terms of the applicable order, which provides that such purchases shall occur prior to May 31(st), 2013. The price that Tim Hortons will pay for the common shares purchased by it under such agreement will be negotiated by Tim Hortons and the seller and will be at a discount to the prevailing market price of Tim Hortons common shares on the Toronto Stock Exchange at the time of each purchase.
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