Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that it has mailed the offer to purchase, circular and related documents for its Substantial Issuer Bid (the "Offer") to purchase for cancellation up to $500 million in value of its common shares ("Shares") from shareholders.
As announced in the Company’s July 29, 2011 news release, the Offer will proceed by way of a modified “Dutch Auction” and the range of Offer prices will be between $53.00 to $60.00 per share, with increments of $0.50 within that range.
The modified “Dutch Auction” tender process allows shareholders to individually select the price, within the specified range, at which they are willing to sell all or a portion of their Shares. When the Offer expires, MDA will select the purchase price (“Purchase Price”) which will be the lowest tendered price within the range of prices allowing it to buy up to $500 million of the Shares validly tendered to the Offer. All Shares tendered at or below the selected price level will be bought at the Purchase Price, subject to pro-ration in the event that the aggregate cost to purchase all the Shares (including the purchase of odd lots tendered) exceeds $500 million. All Shares tendered at prices higher than the Purchase Price will be returned to shareholders. The Company will fund any purchase of Shares pursuant to the Offer from available cash on hand. The Offer will expire at 5:00 p.m. (Toronto time) on October 4, 2011 unless the Offer is extended, varied or withdrawn by MDA.
The terms and conditions of the Offer, including conditions for the Offer normal in substantial issuer bids, are contained in the offer documents that have been mailed to shareholders. The offer documents are also available on SEDAR at www.sedar.com
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
This press release includes certain forward-looking statements and information. These forward-looking statements include, but are not limited to, MDA’s plans, objectives, expectations and intentions, including MDA’s expectations regarding the launch and terms of the proposed substantial issuer bid, and other statements contained in this press release that are not historical facts. These forward-looking statements are typically identified by future or conditional verbs or words such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. These statements are based on MDA’s current beliefs or expectations, including MDA’s assumptions, beliefs and expectations regarding market conditions. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of MDA, including, but not limited to, the occurrence of certain events outlined in the offer documents that make it inadvisable for MDA to complete the proposed substantial issuer bid. MDA’s expectations and future intentions may differ materially from those expressed or implied by such forward looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in MDA’s 2010 Annual Report, in other filings with Canadian securities regulators and in other communications.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online at www.sedar.com or on the Company’s website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.