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Canada based oil company Imperial Oil Ltd. announced its board of directors has authorized a substantial issuer bid of up to CA$1.5 billion (US$1.08B) of its common shares, according to an Oct. 27 release.
A substantial issuer bid allows companies to distribute excess cash to shareholders by purchasing shares for cancellation beyond the amounts permitted under normal course issuer bids.
ExxonMobil Corp., Imperial’s majority shareholder, has advised the company of its intentions to make a proportionate tender in connection with the offer to maintain Exxon’s proportionate ownership stake of approximately 69.9% following the offer’s completion.
The company anticipates that the terms and pricing will be determined and the offer will commence during the next two weeks with expected completion by end of December, the release stated.
Under the proposed issuer bid, shareholders who accept the offer can tender their shares through a modified Dutch auction or through a proportionate tender resulting in them maintaining their proportionate share ownership, the company stated.
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