Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today the preliminary results of its substantial issuer bid to purchase for cancellation up to $500 million worth of its common shares. The offer to purchase expired at 5:00 p.m. Eastern time on October 4, 2011.
The Company has determined that, in accordance with the terms of the bid, it expects to take up approximately 9.4 million shares at a purchase price of $53.00 per share. These shares represent approximately 22.9% of the common shares currently outstanding. After giving effect to the repurchase, the number of common shares outstanding would amount to approximately 31.8 million (undiluted).
Under the terms of the bid, shareholders had the opportunity to tender shares, through a Dutch auction process, at a price of their choice between $53.00 and $60.00. More than 34 million common shares were validly tendered. Upon take up and payment of the shares repurchased, the Company will release final results, including the proration factor.
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 of MacDonald, Dettwiler and Associates Ltd. (“MDA” or the “Company”). These forward-looking statements include, but are not limited to, MDA’s plans, objectives, expectations and intentions, including MDA’s expectations regarding the preliminary results of the 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. 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 2011 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.