NetApp (NTAP) Enters $200M ASP with BofA

NetApp (Nasdaq: NTAP) entered into a collared accelerated share repurchase agreement with Bank of America, N.A., under which the Company will repurchase approximately $200,000,000 of its shares of common stock, the final number of shares subject to adjustment described below.

The Company will acquire these common shares under the existing share repurchase program authorized by its Board of Directors.

Pursuant to the ASR Contract, the Company paid $200,000,000 to Bank of America on July 11, 2011. Shares will be delivered to the Company over the term of the ASR Contract, which is expected to end no later than November 25, 2011. The exact number of shares to be repurchased generally will be determined by the average of the daily volume weighted average prices of shares traded during the term of the agreement, subject to collar provisions that will establish minimum and maximum numbers of shares to be repurchased.

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