Rambus, a premier silicon IP and chip provider making data faster and safer, announced it has initiated an accelerated share repurchase program with Deutsche Bank AG, London Branch as counterparty, through its agent Deutsche Bank Securities Inc. (Deutsche Bank) to repurchase an aggregate of approximately $50 million of its common stock, with an initial delivery of approximately 2.6 million shares.
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“This program is part of a balanced approach to delivering long-term value to our stockholders,” said Luc Seraphin, president and chief executive officer at Rambus. “Our strong balance sheet combined with the increasing demand for our solutions in data-intensive applications reinforces our confidence in the future growth of the company.”
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Under the accelerated share repurchase program, Rambus will pre-pay to Deutsche Bank the $50 million purchase price for its common stock and, in turn, Rambus will receive an initial delivery of approximately 2.6 million shares of its common stock from Deutsche Bank within the first week of the program. The number of shares to be purchased ultimately by Rambus will be determined based on the volume weighted average price of the common stock during the terms of the transaction, minus an agreed upon discount between the parties. The program is expected to be completed within six months. The shares of common stock will be delivered by Deutsche Bank to Rambus on the third business day following the calculation period described above.
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