Lam Research Enters Into Accelerated Stock Buyback Agreement
Lam Research Corp. (NASDAQ: LRCX) announced today that it entered into an accelerated stock buyback agreement ("ASB agreement") with Goldman, Sachs & Co. to repurchase an aggregate of $375 million of Lam Research common stock. The Company will acquire the common shares pursuant to the ASB agreement as part of its $1.6 billion stock repurchase program. This program, which was announced on December 14, 2011 in conjunction with the acquisition of Novellus Systems, Inc., is targeted to be completed within 12 months following the closing of the acquisition. The remainder of the repurchases under this program may be made, at management's discretion, in both public market and private transactions, are subject to certain limitations, and may include the use of derivative contracts or additional structured share repurchase agreements.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.