|[May 02, 2012]
PMC Enters into Accelerated Stock Buyback Agreement
SUNNYVALE, Calif. --(Business Wire)--
PMC® (NASDAQ:PMCS), the semiconductor innovator transforming storage,
optical and mobile networks, today announced that it entered into an
Accelerated Stock Buyback agreement ("ASB (News - Alert) 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 compleed 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.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and
uncertainties. The Company's SEC (News - Alert) filings describe the risks associated
with the Company's business, including PMC's limited revenue visibility
due to variable customer demands, market segment growth or decline,
orders with short delivery lead times, customer concentration, changes
in inventory, and other items, such as foreign exchange rates and
volatility in global financial markets.
PMC (NASDAQ:PMCS) is the semiconductor innovator transforming networks
that connect, move and store digital content. Building on a track record
of technology leadership, the Company is driving innovation across
storage, optical and mobile networks. PMC's highly integrated solutions
increase performance and enable next-generation services to accelerate
the network transformation. For more information, visit www.pmcs.com.
© Copyright PMC-Sierra (News - Alert), Inc. 2012. All rights reserved. PMC and
PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United
States and other countries, PMCS is a trademark of PMC-Sierra, Inc.
Other product and company names mentioned herein may be trademarks of
their respective owners. PMC is the corporate brand of PMC-Sierra, Inc.
[ Back To TMCnet.com's Homepage ]