08:31 AM EST, 11/08/2024 (MT Newswires) -- Onex ( ONEXF ) on Friday announced a $400 million substantial issuer bid of its subordinate voting shares and said third-quarter profit dropped by half.

The substantial issuer bid, which is for up to 5.2% of the company's outstanding subordinate voting shares, is immediately active and expires on Dec. 13. Onex ( ONEXF ) Chairman Gerald Schwartz will participate in the offer by making a proportionate tender to maintain his 11.3% stake in the company he founded.

Separately, Onex ( ONEXF ) said third-quarter net profit fell to US$127 million, or US$1.68 per diluted share, from US$256 million, or US$3.23 per diluted share, last year.