Imperial Oil Announced Preliminary Results Of Its Substantial Issuer Bid, Pursuant To Which Imperial Offered To Purchase For Cancellation Up To C$1.5B Of Its Common Shares By Way Of A Modified Dutch Auction, Within A Price Range Of C$78.50-C$94.00/Share
Portfolio Pulse from Benzinga Newsdesk
Imperial Oil has announced preliminary results of its substantial issuer bid, proposing to buy back up to C$1.5 billion of its common shares through a modified Dutch auction, with a price range of C$78.50 to C$94.00 per share.
December 11, 2023 | 1:05 pm
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Imperial Oil's share buyback announcement indicates a substantial issuer bid of up to C$1.5 billion, which could lead to a reduction in the number of outstanding shares and potentially increase the stock's value.
Share buybacks often lead to a positive short-term impact on a company's stock price as they reduce the number of shares available in the market, which can increase earnings per share and the perceived value of the stock. Given the size of the buyback, this is likely to be viewed positively by investors.
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