Canadian mortgage provider Home Capital Group (HCG) has secured $44.3 million in share
buybacks, less than half the $115 million the company hoped to repurchase.
In a written statement, the Toronto-based company said it secured 1.5 million shares for
repurchase at a price of $28.60 a share, worth a total of $44.3 million.
That’s less than half the $115 million in share buybacks that Home Capital Group had targeted
when it announced the repurchase program on August 8 of this year.
The share buyback was priced in a range of $25.20 to $28.60 a share – but shares of the
company have risen to the high-end of that range in recent weeks.
The rally in Home Capital stock was sparked after the lender rejected a potential buyout offer
from an unnamed suitor, saying the offer was insufficient. The takeover proposal reportedly
valued Home Capital at about $1.2 billion.
Home Capital Group’s stock is down 28% this year and currently trading at $28.43 a share.
