CA - Imperial Oil to launch substantial issuer bid for C$1.5B shares
- Imperial Oil ( NYSE: IMO ) plans to launch a substantial issuer bid to purchase for cancellation up to C$1.5B of its common shares.
- Under the proposed issuer bid, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the U.S., shareholders wishing to accept the offer will have the opportunity to tender their shares through a modified Dutch auction or through a proportionate tender which will result in them maintaining their proportionate share ownership.
- The company anticipates that the terms and pricing will be determined, and the offer will commence, during the next two weeks and will be completed before the end of December 2022.
For further details see:
Imperial Oil to launch substantial issuer bid for C$1.5B shares