MEG Energy Initiates Buyback With 3.4 Million Shares Bought
- Oil-sands producer paid C$21.85 per share for buyback
- Buyback plan expires on March 9, 23.6 million shares remain
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MEG Energy Corp. started a share buyback by purchasing 3.4 million of its own securities.
The oil sands producer paid C$21.85 ($17.27) per share and made the transaction as a part of a 15 million share block trade, the company said in a statement Tuesday. It has 23.6 million shares remaining under the buyback plan, which expires on March 9. The sale was brokered by Bank of Montreal, according to a person with knowledge of the matter.