Trimble (TRMB) Commences $75M Accelerated Share Repurchase

Trimble (NASDAQ: TRMB) today announced the commencement of a $75 million accelerated share repurchase (ASR) with JPMorgan Chase Bank, N.A.

Under the terms of the ASR agreement, Trimble has agreed to repurchase $75 million of its common stock with the majority of the shares to be received shortly following the execution of the ASR transaction. The final number of shares to be repurchased will be based on the volume-weighted average share price of Trimble's common stock during the term of the ASR, minus a discount. The final settlement of the transactions under the ASR agreement is expected to take place by the end of 2015.

The ASR program is being executed as part of an authorization by Trimble's Board of Directors to repurchase up to $400 million of the Company's common stock, which was announced on August 13, 2015.

During 2015 thus far, Trimble has purchased or committed to purchase through this ASR a total of $234 million of its common stock. This total includes $84 million of open market purchases completed under the prior authorization, which was terminated on August 11, 2015. In addition, under the current authorization, the Company has purchased $75 million in the open market since August 13, 2015 and has committed to an additional $75 million through this ASR.

You May Also Be Interested In

• Cleveland-Cliffs (CLF) Reports Q1, Announces $1.5B Share Buyback
• BNY Mellon (BK) Announces $6B Share Buyback
• Baozun Inc. (BZUN) Chairman Issues 2023 Letter to Shareholders