Completion of SIBSeems like a win for everyone: those that tendered their shares at $97, (and can now buy back in at lower prices should they choose), a win for the company, and a win for current shareholders who watched as fewer shares out should result in higher EPS, and favorable re-rates going forward.
All we need is for the economy to not tank. :)
VANCOUVER, BC, Aug. 20, 2021 /PRNewswire/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) today announced that it has taken up and purchased for cancellation a total of 10,309,278 common shares ("Shares") at a price of C$97.00 per Share under its substantial issuer bid ("SIB") for an aggregate purchase price of C$1.0 billion.
The Shares purchased represent approximately 8.7% of the total number of West Fraser's issued and outstanding Shares and Class B shares at the time the SIB was announced in early July 2021. After giving effect to the SIB, West Fraser will have 106,134,898 Shares and 2,281,478 Class B shares issued and outstanding. No Class B shares were purchased under the SIB.