IMO:CC - Imperial Oil stock pops on preliminary results of substantial issuer bid

Imperial Oil (NYSE:IMO) shares popped ~5% pre-market after the Canada's oil company announced preliminary results of its substantial issuer bid. Pursuant to the bid, the company offered to purchase for cancellation up to C$2.5B of its common shares. The offer, which expired on June 10, 2022, proceeded via a modified Dutch auction which had a tender price range from C$62.00-C$78.00 per share. Based on the preliminary calculation, Imperial (IMO) expects to take up and pay for ~32.47M shares at a price of C$77/share. This represents an aggregate purchase of ~$2.5B and 4.9% of the total number of Imperial’s issued and outstanding shares as of the close of business on May 2, 2022. Upon completion of the offer, ~636.67M shares are likely to be issued and outstanding.

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Imperial Oil stock pops on preliminary results of substantial issuer bid