Tim Hortons Inc. said Tuesday that it will buy back up to 1.27 million of its shares as part of a private agreement with an unnamed third party.
The restaurant chain, based in Canada, sells coffee, sandwiches and doughnuts at its chain of roughly 4,288 sites in North America.
Tim Hortons said the purchase will count toward the 15.2 million shares that the company is entitled to but under a repurchase program announced in February.
Shares of the company added 19 cents to $55.22 by midday, in line with broader market trends.
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