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Telus shares closed flat at $34.72 on the TSX Friday. (Darren Calabrese/THE CANADIAN PRESS)
Telus shares closed flat at $34.72 on the TSX Friday. (Darren Calabrese/THE CANADIAN PRESS)

Telus to buy back up to four million shares in private agreement Add to ...

Telus Corp. 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.

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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.

 

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