Restaurant Brands International Inc. (TSX: QSR) shared today the company’s plans to renew its normal course issuer bid to buy back its common shares. The share repurchase renewal is part of the company’s board authorization to purchase up to US$1.0 billion worth of common shares in the next two years.
The company intends to purchase up to a maximum of 30,382,519 common shares. This constitutes 10% of its total 303,825,192 issued and outstanding shares as of July 30, 2021. The bid will follow the prevailing market share price at the time of the purchase.
The program is expected to run from August 10, 2021 to August 9, 2022. The company relayed its belief that the market price for its shares is attractive for repurchase and such will be an “appropriate use of corporate funds”.
The quick-service restaurant firm conducted a similar bid to purchase up to 30,000,015 common shares between August 8, 2020 and August 9, 2021, where it did not repurchase any common share but its employee stock purchase plan agent purchased a total of 4,571 common shares during the period at an average price of $78.25 per share.
The Canadian company owns the quick-service restaurant brands Tim Hortons, Burger King, and Popeyes in the country.
Restaurant Brands International last traded at $79.88 on the TSX.
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