The Canadian Press
TORONTO - Celestica Inc. (TSX:CLS) will pay above market prices to buy back and cancel about 12 per cent of its outstanding stock under a US$175-million share buyback program that concluded Monday.
The Toronto-based global manufacturing services company, part of the Onex group of companies, said Tuesday it expects to pay US$7.80 per share for about 22.4 million shares.
The buyback price was determined by a bidding process known as a modified Dutch auction.
Celestica announced on Oct. 29 that it would buy as many as 25 million subordinate voting shares for up to US$175 million and it was willing to pay between US$7 and US$8 per share each.
The company's shares had ended the previous session at US$6.97 on the New York Stock Exchange, two days after setting a 52-week low of US$6.64 on Oct. 24.
In Toronto, where the stock's 52-week low is C$6.58, Celestica shares traded on Tuesday at C$7.35 — up 11 cents from the previous close.