BRITISH COLUMBIA

Telus to buy back up to four million of its share in private agreement

06/14/2013 05:05 EDT | Updated 08/14/2013 05:12 EDT
VANCOUVER - Telus Corp. (TSX:T) says it will buy up to four million of its shares through private agreements with an arms-length third-party seller.

The purchase will be counted toward the 15 million shares, up to a maximum of $500 million, Telus is allowed to buy under a share buyback announced last month.

Telus and the seller will negotiate the price of the shares, which will be at a discount to their price on the Toronto Stock Exchange at the time of purchase.

Telus shares closed flat at $34.72 on the TSX Friday.

In February, Telus got rid of its dual-class share structure, unifying common and non-voting stock. U.S. hedge fund Mason Capital challenged the plan, arguing the voting shares should have been given a higher value than non-voting shares.

At one time, the hedge fund was the largest shareholder in Telus, but has since reduced its stake.

In April, Telus completed a two-for-one stock split of its common shares.