CN Will Buy Back Up to 5.8M Shares
CN (TSX: CNR) (NYSE: 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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