Air Canada has completed its $500 million substantial issuer bid to purchase shares for cancellation, with it purchasing 26.6 million of its Class A variable voting shares and Class B voting shares at a price of $18.80 per share.
The successful completion of the offer will support Air Canada's goal to reduce its fully diluted number of shares below 300 million by 2028. The airline said will create value for shareholders while investing in growth through a “balanced long-term capital allocation strategy".
The shares bought under the offer represent around 8.24% of the total thereof. After the offer, about 296.1 million shares are expected to remain issued and outstanding.
Air Canada said the offer was oversubscribed.