Courtesy of Benzinga.
PMC (NASDAQ: PMCS), the semiconductor innovator transforming storage, optical and mobile networks, today announced that it entered into an Accelerated Stock Buyback agreement (“ASB agreement”) with Goldman, Sachs & Co. (“Goldman”) to repurchase an aggregate of $160 million of PMC common stock. The Company will acquire these common shares as part of its $275 million stock repurchase program announced on March 13, 2012.
PMC is scheduled to pay $160 million to Goldman on May 8, 2012, and will receive delivery of shares by Goldman pursuant to the ASB agreement. A majority of the shares are scheduled to be delivered by Goldman by May 8, 2012. The remaining shares to be repurchased will be based generally on the daily volume-weighted average price of PMC’s common stock during the term of the ASB agreement. The purchases under the accelerated stock buyback program are expected to be completed by January 2013, although the completion date may be accelerated at Goldman’s option. The actual number of shares repurchased will be determined at the completion of the accelerated stock buyback program.
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