Imperial Oil (NYSE:IMO) +1.3% post-market Monday after saying it will offer to repurchase as much as C$1.5B of its shares in a modified Dutch auction with a tender price range of C$72.50-C$87.00 per share.
The company said the offer for up to ~3.4% of its total issued and outstanding shares is expected to begin November 4 and remain open for acceptance until December 9.
Majority shareholder Exxon Mobil (XOM) said it will make a proportionate tender in order to maintain its 69.6% ownership stake in Imperial (IMO).
Citing better than expected Q3 earnings that helped unleash a “cash bonanza,” BMO Capital upgraded Imperial Oil shares earlier Monday to Outperform.
Image and article originally from seekingalpha.com. Read the original article here.