IMO - Imperial Oil to buy back up to C$1.5B of shares in Dutch auction
Imperial Oil ( NYSE: IMO ) +1.3% post-market Monday after saying it will offer to repurchase as much as C$1.5B of its shares in a modified Dutch auction with a tender price range of C$72.50-C$87.00 per share.
The company said the offer for up to ~3.4% of its total issued and outstanding shares is expected to begin November 4 and remain open for acceptance until December 9.
Majority shareholder Exxon Mobil ( XOM ) said it will make a proportionate tender in order to maintain its 69.6% ownership stake in Imperial ( IMO ).
Citing better than expected Q3 earnings that helped unleash a "cash bonanza," BMO Capital upgraded Imperial Oil shares earlier Monday to Outperform .
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Imperial Oil to buy back up to C$1.5B of shares in Dutch auction