Time for a 50 mill issuer bid auctionLikely bought 5 mill shares in November but can step it up like the West Fraser bid in August. West Fraser Timber Co. Ltd. has taken up and purchased for cancellation a total of 10,309,278 common shares at a price of $97 per share under its substantial issuer bid (SIB) for an aggregate purchase price of $1.0-billion.
The shares purchased represent approximately 8.7 per cent 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.