The Board of Directors of Canandaigua National Corp. (OTCPK:CNND) authorized a tender offer on July 1, 2013. Under the program, the company will repurchase up to 23,199 shares, representing 1.2% of its common stock, held by persons owning 99 shares or fewer.

The company will pay $161 per share properly tendered plus a $50 per shareholder incentive payment to shareholders. Following the repurchase, the company plans to deregister its common stock with the Securities and Exchange Commission (SEC). The company will fund the repurchases from cash.

The purpose of the tender offer is to reduce the number of stockholders of record and reduce or eliminate SEC reporting costs. There is no minimum or maximum size of the tender offer, although it is limited to holders of 99 or fewer shares. The company has reserved the right to extend the time of the offer and to withdraw the tender offer if it determines that it is inadvisable to proceed with the offer for any reason.

The tender offer will expire on August 12, 2013. The Canandaigua National Bank and Trust Company acted as the transfer agent to the company. As of July 1, 2013, the company has 1,903,175 shares issued and outstanding.