RE:RE:Risk free investment IMO issued the press relaese last night after the close.
Minimum price is $78.50 + 50 cents of dividend for holder prior to closing date of dec. 8th
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the terms of its substantial issuer bid (the “Offer”) pursuant to which the company will offer to purchase for cancellation up to $1,500,000,000 of its common shares (the “Shares”). Subject to obtaining certain exemptive relief under applicable securities laws in the United States, the Offer will proceed by way of a modified Dutch auction that includes the ability for shareholders to participate via a proportionate tender. The modified Dutch auction procedure will have a tender price range from $78.50 per Share to $94.00 per Share. All amounts are in Canadian dollars The Offer is expected to commence on November 3, 2023 and remain open for acceptance until 5:00 p.m. (Calgary time) on December 8, 2023, unless withdrawn, extended or varied by Imperial. The company has obtained routine exemptive relief from Canadian securities regulatory authorities with respect to the proportionate take-up and extension requirements of the Offer, the details of which can be found under section 3 of the Offer to Purchase (which will be available on SEDAR+ upon commencement of the Offer).