OREANDA-NEWS. Canadian Pacific Railway Limited announced today that it intends to purchase for cancellation up to 1,425,000 of its common shares pursuant to private agreements to be entered into between CP and arm's length third party sellers.

Purchases will be made in accordance with two issuer bid exemption orders issued by the Ontario Securities Commission ("OSC") each dated May 29, 2015 (the "Orders"), and pursuant to the Orders, may be made in several transactions prior to March 17, 2016. The price CP will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of CP common shares on the Toronto Stock Exchange at the time of purchase.  

Purchases made by CP will be counted towards CP's normal course issuer bid announced on March 16, 2015 for up to 9,140,000 CP common shares (the "Bid") and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under the Bid, being 3,046,667 common shares.

The actual number of CP common shares that will be repurchased under the Bid, by way of any private agreements or otherwise, and the timing of any such purchases, will be determined by CP. There cannot be any assurances as to how many common shares will ultimately be acquired by CP under the Bid.