Canadian Pacific Railway Ltd. announced Feb. 14 it intends to repurchase up to 325,000 common shares from a third-party seller between Feb. 20 and May 14.
The railroad and freight transport company said the program will form part of its normal course issuer bid for up to 4,384,062 common shares announced on May 10, 2017.
Canadian Pacific said it will pay a discount to the prevailing market price of CP's common shares on the Canadian markets at the time of repurchase. All common shares acquired will be canceled.
The company completed in January the first of its two share buyback programs announced Dec. 11, 2017, repurchasing an aggregate of 134,000 common shares for about C$29.5 million.