MONTREAL, Aug. 30, 2019 (GLOBE NEWSWIRE) -- TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that the Toronto Stock Exchange has approved an amendment to TFI International’s normal course issuer bid (“NCIB”) as a result of which TFI International will be entitled to repurchase for cancellation up to 8,300,000 common shares until the expiry of the NCIB on October 1, 2019, representing 9.98% of TFI International’s “public float” of 83,138,867 common shares as of September 25, 2018. The previous maximum under the NCIB was 7,000,000 common shares. All other terms and conditions of the NCIB remain the same.
As of August 28, 2019, TFI International had repurchased a total of 6,630,000 shares pursuant to its NCIB at a weighted average price of $39.59 per share. As of the close of business on August 26, 2019, there were 83,149,055 common shares of TFI International issued and outstanding.
TFI International also announces that it intends to amend its previously-announced automatic share purchase plan entered into with National Bank Financial Inc., acting as TFI International’s agent for the NCIB, in order to reflect the increase in the maximum number of shares that TFI International may repurchase under the NCIB.
ABOUT TFI INTERNATIONAL
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. TFI International’s objective is to create value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources designed to build their businesses and increase their efficiency. TFI International companies service the following segments:
- Package and Courier;
- Logistics and Last Mile.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
For further information:
Chairman, President and CEO
TFI International Inc.