Canadian National Railway announces plans to purchase for cancellation up to 5.65 million of its common shares; purchases to form part of CN's 17-million share repurchase program announced Oct. 25
November 4, 2011
– CN (TSX:CNR.to - News) (NYSE:CNI - News) announced today that it intends to purchase for cancellation up to 5.65 million of its common shares pursuant to private agreements between CN and an arm's-length third-party seller. The purchases will form part of CN's 17-million share-repurchase program announced on Oct. 25, 2011.
Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place before the end of March 2012. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the seller and will be at a discount to the prevailing market price of CN's common shares on the Toronto Stock Exchange at the time of the purchase.
CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca.