October 28th, 2024, marked an important day for TFI International, a prominent figure in the transportation and logistics sector. The Toronto Stock Exchange (TSX) greenlit the renewal of TFI International’s normal course issuer bid (NCIB), allowing the company to repurchase and cancel a maximum of 7,918,102 common shares, equivalent to 10% of its public float as of October 21st, 2024.
Key points from the announcement include:
- TFI International can buy back up to 7,918,102 common shares under the renewed NCIB.
- The repurchase period spans from November 2nd, 2024, to November 1st, 2025, across TSX, NYSE, and alternative trading systems.
- TFI International currently has 84,634,851 common shares issued and outstanding.
- Under the current NCIB, which expires on November 1st, 2024, TFI International was authorized to repurchase up to 7,161,046 shares.
- As of October 21st, 2024, the company bought back 1,035,140 common shares at an average purchase price of CAD $163.0739 per share.
The Board of Directors believes that share repurchases can enhance shareholder value when timed appropriately. TFI International’s strategic moves and financial decisions aim to secure a robust future for the company while benefiting its investors.
TFI International Inc. stands at the forefront of the transportation and logistics industry in North America, with a strong presence in the US, Canada, and Mexico through its subsidiaries. The company’s commitment to growth and efficiency reflects in its strategic acquisitions and operational management across different segments, including Less-Than-Truckload, Truckload, and Logistics. TFI International is listed on the NYSE and TSX under the symbol TFII.
In conclusion, TFI International’s renewed NCIB signals a strategic move to enhance shareholder value and secure the company’s future growth trajectory in the competitive transportation and logistics landscape. Stay tuned for more updates from this industry leader.
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