CN Announces Plan to Buy Back Shares Through Private Agreements

May 17, 2010 Railfanning.org News Wire

MONTREAL — CN said it intends to purchase for cancellation up to three million of its common shares pursuant to private agreements between CN and an arm’s-length third-party seller.

The purchase(s) will form part of CN’s 15-million share repurchase program announced on Jan. 26, 2010.

Any such purchase(s) will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place before the end of June 2010, the company said. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the seller and will not exceed the prevailing market price of CN’s common shares on the Toronto Stock Exchange at the time of the purchase.

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