BCE Buys Back 2.1 Million Shares
Communications giant BCE announced earlier this week that it will buy and cancel up to 2.1 million of its common shares under private agreements with an arm’s-length third-party seller. The common shares will be counted towards the 6.5 million common shares it plans to buy back over the next year.
BCE did not disclose how much it will pay for the shares, which are worth around $87 million at their current TSX price of $41.43.
Companies buy back shares to reduce their equity base, spreading profits over fewer shares, and thereby increasing earnings per share.
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