Canadian National Railway Co. announced that it plans to repurchase common shares under a specific share repurchase program.
The program will form part of the Normal Course Issuer Bid for up to 33 million shares the company announced on Oct. 25, 2016.
The repurchase calls for CN to enter into an agreement with a third party to repurchase common shares through daily purchases that will take place upon the completion of the previous agreement and to April 7, 2017, up to a maximum of 1,246,000 common shares.
The third party will purchase CN's common shares on the open market. The price that CN will pay for the shares is subject to negotiation, but will be at a discount to the prevailing market price of CN's common shares on the Toronto Stock Exchange at the time of the purchase.