Printer Friendly

MAGNA ANNOUNCES PUBLIC EQUITY OFFERING

 MARKHAM, Ontario, Sept. 23 /PRNewswire/ -- Magna International Inc. (TSE: MG.A., MG.B; ME: MG.A; NYSE: MGA) today announced that it has filed with the Securities and Exchange Commission in the United States and will subsequently file with the Ontario Securities Commission and the securities regulators in the other Provinces of Canada, a preliminary short form prospectus under the Multijurisdictional Disclosure System for an issue of 3 million Class A Subordinate Voting Shares at a price of CDN. $50.50 per share. The issue is being underwritten in Canada by Richardson Greenshields of Canada Limited, Burns Fry Limited, ScotiaMcLeod Inc., RBC Dominion Securities Inc., Bunting Warburg Inc. and McLean McCarthy Inc. Offers of shares may be made in the United States by registered broker-dealers. The offering will be made by means of a prospectus only. Proceeds from this offering are intended to be used to expand Magna's businesses principally through acquisitions of, or investments in, other existing automotive enterprises, primarily in Europe.
 Magna is engaged in discussions with a European group regarding the potential purchase of a majority interest in an operating unit and a minority interest in a public company within the group. The aggregate purchase price for such acquisitions would be approximately CDN. $100 million, the majority of which would be attributable to the operating unit. The group manufactures certain automotive components for sale to most of the major European automobile manufacturers. Such parts are not currently manufactured by Magna, but their addition is consistent with Magna's current business strategy of expanding its existing product lines. At present, there is no assurance that any such acquisitions will occur. In addition, Magna is currently analyzing several other potential European investments.
 A registration statement and/or prospectus relating to these securities has been, or will be, filed with the regulatory authorities referred to above but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Copies of the preliminary short form prospectus may be obtained from Richardson Greenshields at 130 Adelaide Street West, 12th Floor, Toronto, Ontario, or from any of the other underwriters referred to above.
 -0- 9/23/93
 /CONTACT: Graham Orr, senior vice president, corporate development and investor relations, 416-477-7766 or Paul Robinson, senior vice president-finance, 416-479-3202, both of Magna/
 (MGA)


CO: Magna International Inc. ST: Ontario IN: AUT SU: OFR

LG -- NY013 -- 5076 09/23/93 09:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1993
Words:463
Previous Article:PROPERTY TRUST OF AMERICA ANNOUNCES 12 MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $110.8 MILLION
Next Article:GRAND CASINOS COMPLETES COMMON STOCK OFFERING
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters