Rovi Corp (ROVI) Enters $80 ASR with UBS
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Rovi Corporation (Nasdaq: ROVI) announced that on August 10, 2012 it entered into an accelerated share repurchase (ASR) agreement with UBS AG, London Branch, and UBS Securities LLC, as agent for UBS AG, London Branch, to repurchase an aggregate of $80 million of the Company’s common stock.
At inception of the ASR, the Company will receive approximately 80% of the total shares that would be repurchased at current share prices. The number of shares to be delivered at program completion, net of the initial delivery, will be based generally on the volume-weighted average price of Company common stock during the repurchase period. The Company anticipates that all repurchases under the ASR will be completed by mid-October 2012.
In addition to the $80 million ASR, the Company also repurchased a total of 673,762 shares of its common stock between August 7, 2012 and August 10, 2012, for a total of $10 million. These transactions, along with the ASR, fall under the Company’s share repurchase program authorization which had a remaining authorization of $313 million as of June 30, 2012.
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At inception of the ASR, the Company will receive approximately 80% of the total shares that would be repurchased at current share prices. The number of shares to be delivered at program completion, net of the initial delivery, will be based generally on the volume-weighted average price of Company common stock during the repurchase period. The Company anticipates that all repurchases under the ASR will be completed by mid-October 2012.
In addition to the $80 million ASR, the Company also repurchased a total of 673,762 shares of its common stock between August 7, 2012 and August 10, 2012, for a total of $10 million. These transactions, along with the ASR, fall under the Company’s share repurchase program authorization which had a remaining authorization of $313 million as of June 30, 2012.
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