News Article
Varian Semiconductor amends its existing stock repurchase programme
Varian Semiconductor Equipment Associates Incorporated has announced that its Board of Directors amended its stock repurchase programme by increasing the amount of funds that may be expended in repurchasing Varian Semiconductor's common stock from US$600,000,000 to US$700,000,000.
To date, cash expenditures have amounted to approximately US$583 million. Subject to the US$700 million limitation, of which approximately US$117 million remains available for repurchases, the timing and quantity of any stock repurchases will be at the sole discretion of Varian Semiconductor.
The stock repurchases may be made from time to time on the open market. The timing and amount of any shares repurchased will be determined by Varian Semiconductor's management based on its evaluation of market conditions and other factors.
Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when Varian Semiconductor might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.
Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using Varian Semiconductor's working capital.
