AURORA, ON, March 22, 2013 /CNW/ - Magna International
Inc. (TSX: MG) (NYSE: MGA) today announced that it has amended
its current Normal Course Issuer Bid (the "Bid") to allow for
purchases outside the facilities of the Toronto Stock Exchange
("TSX") and the New York Stock Exchange ("NYSE") pursuant to
exemption orders issued by a securities regulatory authority. Under
the amended terms of the Bid, we may continue to purchase common
shares under the Bid through the facilities of the TSX or the NYSE
but may also purchase Common Shares by way of private agreements
under an issuer bid exemption order issued by a securities
regulatory authority.
The Ontario Securities Commission ("OSC") has
issued an issuer bid exemption order permitting us to make private
agreement purchases from two arm's length third-party sellers. Any
purchases of our Common Shares made by way of any such private
agreement will be at a discount to the prevailing market price, may
be made in tranches over time, and must otherwise comply with the
terms of the OSC order, including that: only one such purchase is
permitted per calendar week; any such purchase must occur prior to
the Bid's expiry on November 12,
2013; and the maximum number of Common Shares which may be
purchased by way of all such private agreements cannot exceed
4,000,000, being one-third of the total number of Common Shares
which may be purchased under the Bid. The maximum number of Common
Shares purchased in any weekly tranche by way of private agreement
will not exceed 750,000. All Common Shares purchased by way of
private agreement will be included in computing the number of
Common Shares purchased under our Bid, and information regarding
each purchase, including the number of Common Shares purchased and
aggregate price paid, will be available on the System for
Electronic Document Analysis and Retrieval (SEDAR) following the
completion of any such purchase.
Subject to regulatory requirements, the actual
number of Common Shares to be purchased under the Bid, whether by
way of any such private agreement or otherwise, and the timing of
any such purchases will continue to be determined by us having
regard to future price movements, our determination that such
purchases would be an appropriate use of corporate funds and in the
best interests of the Corporation, and other factors. All purchases
will be subject to our normal trading blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with
313 manufacturing operations and 88 product development,
engineering and sales centres in 29 countries. Our 119,000
employees are focused on delivering superior value to our customers
through innovative processes and World Class Manufacturing. Our
product capabilities include producing body, chassis, interiors,
exteriors, seating, powertrain, electronics, mirrors, closures and
roof systems and modules, as well as complete vehicle engineering
and contract manufacturing. For further information about Magna,
visit our website at www.magna.com.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that,
to the extent that they are not recitations of historical fact,
constitute "forward-looking statements" within the meaning of
applicable securities legislation, including, but not limited to,
future purchases of our Common Shares under the Normal Course
Issuer Bid or pursuant to private agreements under an issuer bid
exemption order issued by a securities regulatory authority.
Forward-looking statements may include financial and other
projections, as well as statements regarding our future plans,
objectives or economic performance, or the assumptions underlying
any of the foregoing. We use words such as "may", "would", "could",
"should" "will", "likely", "expect", "anticipate", "believe",
"intend", "plan", "forecast", "outlook", "project", "estimate" and
similar expressions suggesting future outcomes or events to
identify forward-looking statements. Any such forward-looking
statements are based on information currently available to us, and
are based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances. However,
whether actual results and developments will conform to our
expectations and predictions is subject to a number of risks,
assumptions and uncertainties, many of which are beyond our
control, and the effects of which can be difficult to predict.
These risks, assumptions and uncertainties include, without
limitation, the impact of: the potential for a deterioration of
economic conditions or an extended period of economic uncertainty;
liquidity risks; risks arising due to the failure of a major
financial institution; fluctuations in relative currency values;
legal claims and/or regulatory actions against us; the
unpredictability of, and fluctuation in, the trading price of our
Common Shares; changes in laws and governmental regulations; and
other factors set out in our Annual Information Form filed with
securities commissions in Canada
and our annual report on Form 40-F filed with the United States
Securities and Exchange Commission, and subsequent filings. In
evaluating forward-looking statements, we caution readers not to
place undue reliance on any forward-looking statements and readers
should specifically consider the various factors which could cause
actual events or results to differ materially from those indicated
by such forward-looking statements. Unless otherwise required by
applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements
to reflect subsequent information, events, results or circumstances
or otherwise.
SOURCE Magna International Inc.