AutoCanada Inc. (TSX:ACQ) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to $100 million worth of its outstanding shares. The shares will be tendered at a price of not less than $22 per share and not more than $25 per share. The company plans to fund the offer from available cash on hand and drawings under its senior syndicated credit facility. If the aggregate cost to purchase the tendered shares exceeds $100 million, the company will accept such shares on a pro-rata basis after giving effect to “odd lot” tenders, which will not be subject to pro-ration. The bid will expire on August 4, 2022, unless extended or withdrawn. As of June 27, 2022, the company had 26,562,695 shares in issue.
On August 2, 2022, the company announced that it has adjusted the price range at which shares will be purchased in the offer to a price of not less than $25 per share and not more than $28 per share.