SUNNYVALE, Calif.--(BUSINESS WIRE)--
Rambus Inc. (NASDAQ:RMBS) today announced it has initiated an
accelerated share repurchase program with Barclays Bank PLC ("Barclays")
to repurchase an aggregate of approximately $50 million of its common
stock, with an initial delivery of 3,187,251 shares.
"We are making solid progress across our businesses and our recent
acquisitions continue executing to our expectations, with programs in
development poised for future growth," said Dr. Ron Black, president and
chief executive officer at Rambus. "This buy-back program demonstrates
our confidence and ability to continue to invest in critical technology
areas while delivering shareholder and long-term value."
Under the accelerated share repurchase program, Rambus will pre-pay to
Barclays the $50 million purchase price for common stock and, in turn,
Rambus will receive an initial delivery of 3,187,251 shares of its
common stock from Barclays within the first week of the program. The
number of shares to be ultimately purchased by Rambus will be determined
based on the volume weighted average price of the common stock during
the terms of the transaction, minus an agreed upon discount between the
parties. The program is expected to be completed by November 2017. The
shares of common stock will be delivered by Barclays to Rambus on the
third business day following the calculation period described above.
The accelerated share repurchase program is part of the broader share
repurchase program previously authorized by the Rambus Board of
Directors. As of April 30, 2017, before giving effect to the transaction
under the accelerated share repurchase program, there remained an
outstanding authorization under the broader share repurchase program to
repurchase approximately 11.5 million shares of the outstanding common
stock.
About Rambus Inc.
Rambus creates innovative hardware and software technologies, driving
advancements from the data center to the mobile edge. Our chips,
customizable IP cores, architecture licenses, tools, software, services,
training and innovations improve the competitive advantage of our
customers. We collaborate with the industry, partnering with leading
ASIC and SoC designers, foundries, IP developers, EDA companies and
validation labs. Our products are integrated into tens of billions of
devices and systems, powering and securing diverse applications,
including Big Data, Internet of Things (IoT), mobile, and consumer
platforms. At Rambus, we are makers of better. For more information,
visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995 relating, among other things,
to the purchase price of shares acquired pursuant to the accelerated
share repurchase program, the timing and the duration of prospective
share purchases, the amount of cash that may be expended in connection
with such share repurchases and the potential growth from our strategic
programs. Such forward-looking statements are based on current
expectations, estimates and projections, management's beliefs and
certain assumptions made by the Company's management. Actual results may
differ materially. Rambus undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the
date hereof.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170501006442/en/
Rambus Inc.
Rahul Mathur, 408-462-8000
Senior Vice President,
Finance and Chief Financial Officer
rmathur@rambus.com
Source: Rambus Inc.
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