Air Canada said that it expects purchase around 26.6 million shares for C$500 million ($362.4 million) under its now-expired substantial issuer bid.
The offer, which allowed shareholders to tender shares at prices between C$18.50 and C$21 ($15.22), was oversubscribed.
Based on preliminary results the airline said the shares, comprising Class A Variable Voting Shares and Class B Voting Shares, will be purchased at C$18.80 ($13.41) each. This represents around 8.24% of the company’s issued and outstanding shares as of June 20, 2025, prior to the offer.
About 26.8 million shares were validly tendered and not withdrawn. Air Canada said it expects to accept approximately 99.14% of those shares on a prorated basis, except for “odd lot” tenders, which will not be prorated.
Following the completion of the offer, Air Canada expects to have some 296.1 million shares issued and outstanding.