Air Canada Odd-Lot Tender: A 3.1% Gross Profit With a Canadian Tax Problem
Air Canada’s (TSX: AC) C$800 million substantial issuer bid closed at C$29.00 per share, the bottom of its C$29–C$33 Dutch-auction range. The airline purchased 27,586,206 shares, representing about 9.8% of its shares outstanding before the offer, and ordinary qualifying tenders were subject to approximately 41% proration. Holders of qualifying odd lots were exempt from that reduction. For our… Read More »