(CN issued the following on July 30, 2010.)
MONTREAL — CN announced today that it intends to purchase for cancellation up to two million of its common shares pursuant to private agreements between CN and an arm’s-length third-party seller. The purchases will form part of CN’s 15-million share repurchase program announced on Jan. 26, 2010.
Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place before the end of September 2010. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the seller and 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.
The above-mentioned private agreements are in addition to agreements announced on May 17, 2010, pursuant to which CN purchased for cancellation three million of its common shares, such that CN will have purchased under exempted private agreements an aggregate of five million common shares, accounting for one-third of the 15 million common shares which may be purchased under the share repurchase program.