News Article
Atmel Announces $200M Boost to Stock Repurchase Program
Atmel Corporation a supplier of microcontroller and touch solutions, has announced that its Board of Directors has authorized an additional $200 million allocation of funds to its existing $500 million common stock repurchase program.
Of the company's previously authorized $500 million program, to date the company has repurchased approximately $489.4 million, or 49.9 million shares, of its common stock at an average price of $9.80.
"The addition of another $200 million to our current program reflects our confidence in the continued growth of our company and the fundamental strength of our business model," said Stephen Cumming, Atmel's Vice President and Chief Financial Officer.
The program authorizes the purchase of Atmel common stock in the open market, through privately negotiated transactions, accelerated stock repurchase programs or through other methods, including yield enhancement strategies, structured financial instruments and other derivative methods linked to the company's equity prices, at such times as management may determine to be in the best interests of the company and its stockholders, depending upon market conditions and other factors. The program does not have an expiration date. The number of shares repurchased and the timing of repurchases will be based on the level of cash balances, general business and market conditions, regulatory requirements and other factors, including alternative investment opportunities.
