VALCOURT, QC, July 25, 2021 /CNW Telbec/ - BRP Inc.
(TSX: DOO) (NASDAQ: DOOO) today announced the preliminary results
of its substantial issuer bid ("SIB"), pursuant to which BRP
offered to purchase for cancellation a number of its subordinate
voting shares ("Shares") for an aggregate purchase price not to
exceed $350 million at a purchase price of not less than
$94.00 and not more than $113.00 per Share. The SIB expired at
11:59 p.m. (Montreal time)
Friday July 23, 2021. All dollar amounts are in Canadian
dollars.
In accordance with the terms and conditions of the SIB and based
on the preliminary calculation of Computershare Investor Services
Inc. ("Computershare"), as depositary for the SIB, BRP expects to
take up and pay for 3,381,642 Shares at a price of $103.50 per Share under the SIB, representing an
aggregate purchase price of approximately $350 million and 4%
of the total number of BRP's issued and outstanding Shares and
multiple voting shares before giving effect to the SIB.
The full details of the SIB are described in the offer to
purchase and issuer bid circular dated June
18, 2021, as well as the related letter of transmittal and
notice of guaranteed delivery, copies of which were filed and are
available on SEDAR at www.sedar.com and on EDGAR at
www.sec.com.
2,938,973 Shares were validly tendered and not withdrawn
pursuant to auction tenders at or below the purchase price and
purchase price tenders. Since the SIB was oversubscribed,
shareholders who made auction tenders at or below the purchase
price and purchase price tenders will have the number of Shares
purchased prorated following the determination of the final results
of the SIB (other than "odd lot" tenders, which are not subject to
proration). BRP currently expects that shareholders who made
auction tenders at or below the purchase price and purchase price
tenders will have approximately 83% of their successfully tendered
Shares purchased by BRP. BRP expects to take up and purchase
936,692 Shares pursuant to proportionate tenders.
Holders of multiple voting shares were entitled to participate
in the SIB. Multiple voting shares taken up by BRP will be
converted into Shares on a one-for-one basis immediately prior to
take up. Beaudier Inc. and 4338618 Canada Inc., which collectively
hold approximately 27.7% of BRP's issued and outstanding Shares and
multiple voting shares, made proportionate tenders in connection
with the SIB and will maintain their proportionate equity ownership
in BRP following completion of the SIB.
After giving effect to the SIB, BRP expects to have 37,716,787
Shares and 42,954,979 multiple voting shares issued and
outstanding.
The number of Shares to be purchased, the proration factor and
the purchase price referred to above are preliminary, remains
subject to verification by Computershare and assume that all Shares
tendered through notice of guaranteed delivery will be delivered
within the two trading day settlement period. Upon take up and
payment of the Shares purchased, BRP will release the final
results, including the final proration factor.
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell BRP's shares.
About BRP
We are a global leader in the world of
powersports vehicles, propulsion systems and boats built on over 75
years of ingenuity and intensive consumer focus. Our portfolio of
industry-leading and distinctive products includes Ski-Doo and Lynx
snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles,
Alumacraft, Manitou, Quintrex
boats and Rotax marine propulsion systems as well as Rotax engines
for karts and recreational aircraft. We complete our lines of
products with a dedicated parts, accessories and apparel business
to fully enhance the riding experience. With annual sales of CA$6.0
billion from over 130 countries, our global workforce is made up of
more than 14,500 driven, resourceful people.
www.brp.com
@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, Evinrude
and the BRP logo are trademarks of Bombardier Recreational Products
Inc. or its affiliates. All other trademarks are the property of
their respective owners.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
Certain information included in this
release, including, but not limited to, statements relating to the
SIB, the actual number of Shares to be taken up and paid for in
connection with the SIB, the purchase price, the proration
factor and the number of Shares and multiple voting shares
expected to be issued and outstanding after completion of the SIB,
and other statements that are not historical facts, are
"forward-looking statements" within the meaning of Canadian and
United States securities laws.
Forward-looking statements are typically identified by the use of
terminology such as "may", "will", "would", "should", "could",
"expects", "forecasts", "plans", "intends", "trends",
"indications", "anticipates", "believes", "estimates", "outlook",
"predicts", "projects", "likely" or "potential" or the negative or
other variations of these words or other comparable words or
phrases. Forward looking statements, by their very nature, involve
inherent risks and uncertainties and are based on several
assumptions, both general and specific. BRP cautions that its
assumptions may not materialize and that current economic
conditions render such assumptions, although reasonable at the time
they were made, subject to greater uncertainty. Such
forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results or performance of BRP or
the powersports or marine industry to be materially different from
the outlook or any future results or performance implied by such
statements. Further details and descriptions of these and other
factors are disclosed in the offer to
purchase and in BRP's annual information form dated
March 24, 2021.
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content:https://www.prnewswire.com/news-releases/brp-announces-preliminary-results-of-substantial-issuer-bid-301340915.html
SOURCE BRP Inc.