AURORA, ON, Sept. 17, 2014 /PRNewswire/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission ("OSC") has
issued an issuer bid exemption order (the "September 2014 Order")
permitting us to make private agreement purchases of Magna
International Inc.'s ("Magna") Common Shares from an arm's length
third-party seller. Magna was previously granted three issuer bid
exemption orders on November 22, 2013, March 18, 2014 and May 30, 2014,
respectively (the "Prior Orders") permitting us to make private
agreement purchases from arm's length third-party sellers on certain
terms and conditions contained in the Prior Orders. Any purchases of
our Common Shares made by way of private agreement under the September
2014 Order will be at a discount to the prevailing market price, may be
made in tranches over time, and must otherwise comply with the terms of
the September 2014 Order, including that: only one such purchase is
permitted per calendar week; any such purchase must occur prior to the
expiry of our Normal Course Issuer Bid (the "Bid") on November 12,
2014; and the maximum number of Common Shares which may be purchased by
way of all such private agreements, including the Prior Orders, cannot
exceed 6,666,666, being one-third of the total number of Common Shares
which may be purchased under the Bid. As of today, we have purchased
5,950,000 Common Shares under the Prior Orders.
All Common Shares purchased by way of private agreement made pursuant to
the Prior Orders and the September 2014 Order will be included in
computing the number of Common Shares purchased under the Bid, and
information regarding each purchase, including the number of Common
Shares purchased and aggregate price paid, will be available on the
System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.
Subject to regulatory requirements, the actual number of Common Shares
to be purchased under the Bid, whether by way of any such private
agreement or otherwise, and the timing of any such purchases will
continue to be determined by us having regard to future price
movements, our determination that such purchases would be an
appropriate use of corporate funds and in the best interests of Magna,
and other factors. All purchases will be subject to our normal trading
blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with 317 manufacturing
operations and 83 product development, engineering and sales centres in
29 countries. We have over 130,000 employees focused on delivering
superior value to our customers through innovative products and
processes, and World Class Manufacturing. Our product capabilities
include producing body, chassis, interior, exterior, seating,
powertrain, electronic, vision, closure and roof systems and modules,
as well as complete vehicle engineering and contract manufacturing. Our
Common Shares trade on the Toronto Stock Exchange (MG) and the New York
Stock Exchange (MGA). For further information about Magna, visit our
website at www.magna.com.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation,
including, but not limited to, future purchases of our Common Shares
under the Normal Course Issuer Bid or pursuant to private agreements
under an issuer bid exemption order issued by a securities regulatory
authority. Forward-looking statements may include financial and other
projections, as well as statements regarding our future plans,
objectives or economic performance, or the assumptions underlying any
of the foregoing. We use words such as "may", "would", "could",
"should" "will", "likely", "expect", "anticipate", "believe", "intend",
"plan", "forecast", "outlook", "project", "estimate" and similar
expressions suggesting future outcomes or events to identify
forward-looking statements. Any such forward-looking statements are
based on information currently available to us, and are based on
assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate in
the circumstances. However, whether actual results and developments
will conform to our expectations and predictions is subject to a number
of risks, assumptions and uncertainties, many of which are beyond our
control, and the effects of which can be difficult to predict. These
risks, assumptions and uncertainties include, without limitation, the
impact of: economic or political conditions on consumer confidence,
consumer demand for vehicles and vehicle production; fluctuations in
relative currency values; legal claims and/or regulatory actions
against us; liquidity risks as a result of an unanticipated
deterioration of economic conditions; the unpredictability of, and
fluctuation in, the trading price of our Common Shares; changes in laws
and governmental regulations; and other factors set out in our Annual
Information Form filed with securities commissions in Canada and our
annual report on Form 40-F filed with the United States Securities and
Exchange Commission, and subsequent filings. In evaluating
forward-looking statements, we caution readers not to place undue
reliance on any forward-looking statements and readers should
specifically consider the various factors which could cause actual
events or results to differ materially from those indicated by such
forward-looking statements. Unless otherwise required by applicable
securities laws, we do not intend, nor do we undertake any obligation,
to update or revise any forward-looking statements to reflect
subsequent information, events, results or circumstances or otherwise.
SOURCE Magna International Inc.