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QUALCOMM, Inc. (NASDAQ:QCOM) announced Tuesday it has completed a portion of its accelerated share buyback plan.
What Happened
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Qualcomm said it will buy back 76.2 million shares in a $5.1-billion tender offer.
The tender offer equates to $67.50 per share. The initial stage of the plan authorized up to $10 billion in share buybacks.
Why It's Important
A tender offer is an offer to purchase some or all of shareholders’ shares in a corporation, generally at a premium to the current market price, according to Investopedia. The SEC requires any corporation or individual acquiring at least 5 percent of a company to disclose the stake.
What’s Next
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Qualcomm announced the buyback plan last month, after it said it was abandoning a $44-billion takeover of NXP Semiconductors NV (NASDAQ:NXPI) to instead invest in its own business.
The company has authorized up to $30 billion in share buybacks that are expected to wrap by September 2019.
Price Action
Qualcomm shares were up 3.62 percent at $69.78 at the close Tuesday.
Related Links:
Qualcomm's Risk-Reward Is Too Favorable to Ignore, Cowen Says In Upgrade
NXP Semiconductors' Standalone Value Is $119, SunTrust Says In Downgrade
Photo courtesy of Qualcomm.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.