AURORA, ON, Nov. 22, 2013 /CNW/ - Magna International Inc.
(TSX: MG, NYSE: MGA) today announced that the Ontario
Securities Commission ("OSC") has issued an issuer bid exemption
order permitting us to make private agreement purchases of Magna's
Common Shares from an arm's length third-party seller. 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 orders, including that: only one such purchase is
permitted per calendar week; any such purchase must occur prior to
the expiry of our Normal Course Issuer Bid (the "Bid") on
November 12, 2014; 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 1,000,000. 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) at
www.sedar.com 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
312 manufacturing operations and 87 product development,
engineering and sales centres in 29 countries. We have over 125,000
employees focused on delivering superior value to our customers
through innovative processes and World Class Manufacturing. Our
product capabilities include producing body, chassis, interior,
exterior, seating, powertrain, electronic, vision, closure and roof
systems and modules, as well as complete vehicle engineering and
contract manufacturing. Our common shares trade on the Toronto
Stock Exchange (MG) and the New York Stock Exchange (MGA). 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.