Methanex Corporation completed the repurchase of 29,166,666 or 18 per cent of its outstanding common shares for an aggregate purchase price of US$175 million, or US$6 per share on October 5, 2001. The repurchase was made pursuant to a modified dutch auction substantial issuer bid and included a post-offer purchase by Methanex of odd lots. At the time that Methanex announced the substantial issuer bid, it also announced that it was undertaking a normal course issuer bid. Methanex is the world’s largest producer and marketer of methanol.
Methanex’s repurchase program was led by Randy Milner, assistant general counsel and corporate secretary. McCarthy Tétrault LLP assisted Mr. Milner with a team that included Richard J. Balfour and Michael G. Urbani (securities/corporate) and Edwin G. Kroft (tax).