Magna to bid for 20 million shares in Dutch auction
Published August 12th, 2007
Magna International Inc. said late on Saturday that it would buy back as many as 20 million of its Class A shares for a maximum US$1.54 billion.
The Aurora, Ontario, automotive supplier said the offer is a modified Dutch auction, under which holders may tender their shares at $76.50 to $91.50 a share.
The company will buy the stock at the lowest price required to buy all the shares.
Magna’s U.S.-traded shares closed Friday at $84
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