Power Corporation of Canada (TSX:POW) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to a maximum of 56,896,551 common shares, representing 7.97% of the issued and outstanding share capital, for CAD 1,650 million. The shares will be purchased at a price falling in the price range of not less than CAD 29 per share and not more than CAD 34 per share. The purpose of bid is to maintain the financial resources to pursue company's strategy for long-term value creation across its well-diversified portfolio of investments. The bid will be funded from proceeds from company's participation in the Great-West offer, resources available with the firm an non-revolving credit facility, if required. The repurchased shares will be cancelled. If shares with an aggregate purchase price of more than CAD 1,350 million are properly tendered and not properly withdrawn, the corporation will purchase the shares on a pro rata basis after giving effect to proportionate tenders and “odd lot” tenders (of shareholders beneficially owning fewer than 100 shares), which will not be subject to proration. The bid is valid till April 13, 2019, unless extended or withdrawn. As of March 5, 2019, the company had 714,096,479 shares in issue and outstanding.