Bell is Buying Back 6.5 Million Shares
BCE has stated it plans to buy back and cancel up to 2.1 million common shares through private deals with an arm's-length, third-party seller. It is a part of Bell's strategy to repurchase over 6 million common shares over the next 12 months.
The company declined to comment on the price it paid for the shares. By current exchange prices, the shares would be worth nearly $90 million.
Typically, share buybacks lead to modest stock price increases due to the fact that the process results in fewer shares available on the market. Bell's stock nudged upward slightly on the news.
