International Ltd., is offering to repurchase up to 1.5 million of existing shares at $20.40 per share.

The offer will cost the company an estimated $30.6 million and is contingent on a private placement of common shares. The offer supersedes the previously announced offer to buy up to $25 million worth of shares.

The new amount could be reduced if GlobeNet issues less than $270 million of new common shares in the private placement.

The offer is in effect up to 3 p.m. local time on August 2.

GlobeNet stated it expects the private placement to be concluded by July 15.

GlobeNet shares were trading at $16.15.