MONTREAL – TVA Group Inc. is hoping to repurchase about 8.8% of all its currently issued and outstanding Class B shares.
TVA offered Monday to purchase up to 2 million of its participating Class B non-voting shares for $17 per share.
“We believe that repurchasing outstanding Class B Shares represents an attractive investment and an appropriate and desirable use of our available funds and that our publicly traded Class B Shares are currently undervalued. We have, therefore, decided to reduce the number of shares outstanding because it is in the best interest of the company and its shareholders,” stated TVA Group president and CEO Pierre Dion.
The TVA Group offer expires at 8 p.m. ET on May 14, unless extended by the company. TVA will be mailing to its Class B share holders a issuer bid circular that contains details of the offer, including applicable terms and conditions along with the procedures for depositing shares.
If more than 2 million Class B shares are offered for sale, TVA Group said it would purchase them on a pro rata basis according to the number of Class B shares deposited.
TVA Group has retained National Bank Financial Inc. as the dealer manager for the offer.
