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Air Canada Boosts Share Buyback in Fight to Stave Off Takeover Bid.
Knight Ridder/Tribune Business News, November, 1999 by Reed, Dan
Knight Ridder/Tribune Business News
Nov. 3 -- FORT WORTH, Texas -- With time running out in its battle against Onex Corp. and AMR Corp. to remain independent, Air Canada boosted the value of its share buyback yesterday to about $749 million to Air Canada shareholders.
Management of Montreal-based Air Canada dipped into the company's cash reserves to add about $252 million to the $497.3 million previously pledged to a stock buyback program. The buyback was originally announced last month in an effort to defeat the takeover bid by Onex of Toronto and AMR of Fort Worth. Air Canada shareholders are scheduled to vote on the offer Monday.
"This cash we're offering belongs to our shareholders," said Robert Milton, Air Canada's chief executive. "And...
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