Onex Corporation Files Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 12, 2011) - Onex Corporation (TSX:OCX) announced today that it has filed with the Toronto Stock Exchange, and the Exchange has accepted, a Notice of Intention to make a Normal Course Issuer Bid permitting Onex to purchase for cancellation up to 10% of the public float in its Subordinate Voting Shares, or 9,114,853 shares. There are 118,280,332 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2011 was 91,148,539 shares.

Onex may buy back shares from time to time during the next twelve months. Any purchases made under the Normal Course Issuer Bid will be effected through the facilities of the Exchange. Onex commenced a similar bid on April 14, 2010, which expires on April 13, 2011 and under which a total of 1,941,450 Subordinate Voting Shares have been purchased as at March 31, 2011 at an average purchase price of $25.50 per share. Onex may purchase up to 37,196 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume for the most recently completed six calendar months. Onex may also purchase Subordinate Voting Shares from time to time under the Exchange's block purchase exemption, if available.

The Normal Course Issuer Bid is being renewed as it is Onex' view that it is advantageous to the company and its shareholders to continue to engage in repurchases of Subordinate Voting Shares, from time to time, when they are trading at prices which reflect a discount from their value as perceived by Onex.

The Normal Course Issuer Bid will commence on April 14, 2011 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 13, 2012.

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the company manages approximately US$14 billion, of which US$10 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.

Onex' businesses generate annual revenues of $36 billion, have assets of $42 billion and employ more than 238,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.

The company's security filings can also be accessed at www.sedar.com.