CN announced that it intends to purchase for cancellation up to 1.2 million of its common shares pursuant to a private agreement between CN and an arm’s-length third-party seller. The purchase will form part of CN’s repurchase program for up to 28 million shares announced on Oct. 21, 2014.
Such purchase will be made pursuant and subject to the terms of an issuer bid exemption order issued by the Autorité des marchés financiers (Order) and will take place before March 31, 2015. In accordance with the Order, CN’s purchases under such private agreements will not exceed, in the aggregate, one-third of the maximum number of shares that it may purchase under its share repurchase program, or 9,333,333 common shares. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the third-party 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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