Colliers Announces Normal Course Issuer Bid
Rhea-AI Summary
Colliers (NASDAQ, TSX: CIGI) received TSX approval for a normal course issuer bid to repurchase up to 4,300,000 subordinate voting shares, about 10% of the public float, from May 15, 2026 to May 14, 2027.
Purchases may be made on TSX, Canadian alternative trading systems or Nasdaq at market prices, with a TSX daily limit of 22,078 shares. All repurchased shares will be cancelled. Colliers appointed BMO Nesbitt Burns as designated broker and implemented an automatic share purchase plan effective May 15, 2026.
AI-generated analysis. Not financial advice.
Positive
- TSX-approved NCIB to repurchase up to 4,300,000 subordinate voting shares
- Buyback capacity equals about 10% of the 43,850,289-share public float
- All shares repurchased under the NCIB will be cancelled, reducing share count
- Automatic share purchase plan with BMO Nesbitt Burns enables buys during blackout periods
- Company may repurchase shares when it believes the price is attractive and an appropriate use of funds
Negative
- Previous NCIB for up to 4,300,000 shares expired with no shares repurchased
Key Figures
Market Reality Check
Peers on Argus
CIGI is down 0.61% with high volume, while peers are mixed: FSV up 0.25%, OPEN, COMP, NMRK and CWK down between 2.24% and 3.91%. The move appears more stock-specific than a uniform sector shift.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 05 | Q1 2026 earnings | Positive | -5.6% | Strong revenue and EBITDA growth but shares fell following the report. |
| Mar 31 | Shareholder meeting results | Neutral | -0.0% | All director nominees and key proposals approved with broad support. |
| Mar 25 | Senior notes issuance | Neutral | -3.7% | C$550M senior unsecured notes placed to enhance financial flexibility. |
| Mar 16 | Meeting and earnings dates | Neutral | +2.4% | Announced timing for annual meeting and Q1 2026 results call. |
| Mar 05 | Leadership changes | Neutral | +0.9% | Expanded global leadership roles for CFO and CIO aligned with growth plans. |
Recent fundamentally positive or neutral updates (earnings growth, financing, governance) have often coincided with flat to negative next-day moves, suggesting a pattern of cautious market reception.
Over the last few months, Colliers has reported solid growth, with Q1 2026 revenues of $1.31B, Adjusted EBITDA of $124.8M and Adjusted EPS of $0.91, yet the stock fell 5.6% after earnings. The company also completed a C$550M senior notes issuance and outlined its annual meeting outcomes, including governance approvals and option plan expansion. Leadership changes and meeting/earnings date announcements drew modest or muted price reactions. Against this backdrop, the new NCIB introduces a capital allocation lever while the stock trades near its 52-week low.
Market Pulse Summary
This announcement details a new NCIB allowing Colliers to repurchase up to 4,300,000 Subordinate Voting Shares, or 10% of the 43,850,289-share public float, between May 2026 and May 2027. All repurchased shares will be cancelled, and daily TSX purchases are capped at 22,078 shares. The move overlays a business generating $5.7 billion in annual revenues and managing $109 billion in assets under management. Investors may track actual buyback activity and its interaction with prior debt financing and growth plans.
Key Terms
normal course issuer bid regulatory
public float financial
assets under management financial
AI-generated analysis. Not financial advice.
TORONTO, May 13, 2026 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) (“Colliers”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice of its intention to make a normal course issuer bid (the “NCIB”) with respect to its outstanding subordinate voting shares (the “Subordinate Voting Shares”).
The notice provides that Colliers may, during the twelve month period commencing May 15, 2026 and ending no later than May 14, 2027, purchase through the facilities of the TSX, alternative Canadian Trading Systems or The NASDAQ Stock Market (“Nasdaq”) up to 4,300,000 Subordinate Voting Shares in total, being approximately
As of May 12, 2026, there were 49,778,127 Subordinate Voting Shares and 1,325,694 multiple voting shares outstanding.
Colliers may purchase its Subordinate Voting Shares, from time to time, if it believes that the market price of its Subordinate Voting Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of Colliers.
Colliers’ previous NCIB authorized the purchase of up to 4,300,000 Subordinate Voting Shares and expired on May 8, 2026. Colliers did not purchase any Subordinate Voting Shares pursuant to this previous NCIB.
BMO Nesbitt Burns Inc. (“BMO”) has been appointed to act as Colliers’ designated broker to make purchases of Subordinate Voting Shares pursuant to the NCIB. Colliers has also entered into an automatic share purchase plan (“ASPP”) with BMO allowing it to purchase common shares under the NCIB when Colliers would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed black-out periods. Before entering a black-out period, Colliers may, but is not required to, instruct BMO to make purchases under the NCIB during such a period based on parameters set by Colliers in accordance with the ASPP, TSX rules and applicable securities laws. All purchases made under the ASPP are included in computing the number of Subordinate Voting Shares purchased under the NCIB. The ASPP has been pre-cleared by the TSX and will be implemented and effective May 15, 2026.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company operating through three industry leading businesses: Commercial Real Estate, Engineering, and Investment Management. With greater than a 30-year track record of consistent growth and strong recurring cash flows, we scale complementary, high-value businesses that provide essential services across the full asset lifecycle.
Our unique partnership philosophy empowers exceptional leaders, preserves our entrepreneurial culture, and ensures meaningful inside ownership — driving strong alignment and sustained value creation for our shareholders.
With
Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where the business may be concentrated; commercial real estate and real asset values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in capitalization rates across different asset types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the utilization of artificial intelligence (AI) and machine learning technologies, including associated impacts on the Company’s services, competitive environment, ability to hire/retain specialized talent, cybersecurity, and legal and governance risks; the ability to attract new clients and to retain clients and renew related contracts; the ability to attract new capital commitments to Investment Management funds and retain existing capital under management; the ability to retain and incentivize employees; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of global climate change; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities, war and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations, including real estate investment management and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business.
Additional information and risk factors identified in the Company’s other periodic filings with Canadian and US securities regulators are adopted herein and a copy of which can be obtained at www.sedarplus.ca. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any fund.
COMPANY CONTACTS:
Christian Mayer
Global Chief Financial Officer &
Chief Executive Officer, Commercial Real Estate
(416) 960-9500
