On July 6, 2005, TVA Group Inc. announced the results of its modified Dutch auction substantial issuer bid that it had previously announced on May 19, 2005. TVA Group repurchased, paid for and cancelled 3,449,199 participating class B non-voting shares on July 6, 2005 at a price of $22. The total consideration paid by TVA Group for the repurchased shares was $75,882,378. The modified Dutch auction issuer bid had been made by TVA Group for a maximum of 3,500,000 participating class B non-voting shares at a price of not less than $19.50 per share nor more than $22 per share.
The substantial issuer bid was made in Canada and was commenced by the mailing of an issuer bid circular to the company's Class B shareholders on May 24, 2005.
TVA Group was represented by Ogilvy Renault LLP with a team from its Montreal office comprised of Clemens Mayr and Elliot Shapiro (corporate, securities) and Jules Charette (tax). National Bank Financial Inc., as dealer manager for the issuer bid, was represented by Donald Gilchrist of Osler, Hoskin & Harcourt LLP in Toronto.