AURORA, ON, Nov. 27, 2015 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission ("OSC") has
issued an issuer bid exemption order (the "Order") permitting us to
make private agreement purchases of Magna International Inc.'s
("Magna") Common Shares from an arm's length third-party seller. Any
purchases of our Common Shares made by way of private agreement under
the Order 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
each of the Order, 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 13, 2016; and the
maximum number of Common Shares which may be purchased by way of all
such private agreements cannot exceed 13,333,333, being one-third of
the total number of Common Shares which may be purchased under the Bid.
All Common Shares purchased by way of private agreement made pursuant to
the Order will be included in computing the number of Common Shares
purchased under the 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 Magna,
and other factors. All purchases will be subject to our normal trading
blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with 285 manufacturing
operations and 83 product development, engineering and sales centres in
29 countries. We have approximately 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, 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 the Ontario Securities
Commission. 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: economic or political conditions on consumer confidence,
consumer demand for vehicles and vehicle production; fluctuations in
relative currency values; legal claims and/or regulatory actions
against us; liquidity risks as a result of an unanticipated
deterioration of economic conditions; 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.
