Reported Monday, CGI Intends To Repurchase 2.89M Of Its Shares Held By CDPQ At $138.51 Per Share
Portfolio Pulse from Benzinga Newsdesk
CGI intends to repurchase 2.89 million of its Class A shares from CDPQ at $138.51 per share, which is a discount to the closing price on May 27, 2024. This transaction is part of CDPQ's periodic portfolio rebalancing. Post-transaction, CDPQ will hold approximately 7.15% of CGI's total outstanding shares.
May 28, 2024 | 6:42 am
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CGI (GIB) plans to repurchase 2.89 million Class A shares from CDPQ at a discounted price of $138.51 per share. This buyback is part of CDPQ's portfolio rebalancing. Post-transaction, CDPQ will hold 7.15% of CGI's shares.
The share repurchase at a discount is likely to be viewed positively by investors as it indicates confidence in the company's value and can improve earnings per share. The fact that CDPQ will still hold a significant portion of shares suggests continued institutional support.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100