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Air Canada Launches C$800 Million Share Buyback Offer at C$29 to C$33 Per Share

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Air Canada (AC.TO) has finalized the terms of a substantial issuer bid to purchase for cancellation up to C$800 million of its class A variable voting shares and class B voting shares, the company said Monday.

The company will offer to purchase about 9.8% of its total issued and outstanding shares. Shareholders will be allowed to tender all or part of their shares for C$29 to C$33 per share, in increments of C$0.10 per share.

Air Canada will fund the share purchases using part of the proceeds from a minority equity investment in Aeroplan by funds managed by Blackstone and La Caisse. The offer is scheduled to begin Aug. 20 and expire on Sept. 24.

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