IMO - Imperial Oil completes cancellation of C$1.5B shares under substantial issuer bid
- Imperial Oil ( NYSE: IMO ) on Wednesday completed the previously announced substantial issuer bid.
- The company has taken up and paid for 20,689,655 common shares at a price of C$72.50 per share, to purchase for cancellation C$1.5 billion of its shares.
- The shares purchased represent 3.4 percent of the total number of Imperial’s issued and outstanding shares as of the close of business on October 31, 2022.
- Immediately following completion of the offer, Imperial had 584,152,718 shares issued and outstanding.
- A total of 6,289,510 shares were taken up and purchased pursuant to auction tenders at or below the purchase price and pursuant to purchase price tenders.
- Since the offer was oversubscribed, shareholders who made tenders at or below the purchase price and shareholders who made, or were deemed to have made, purchase price tenders had approximately 45 percent of their tendered shares taken up by Imperial.
- 14,400,145 shares were taken up and purchased pursuant to proportionate tenders.
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Imperial Oil completes cancellation of C$1.5B shares under substantial issuer bid