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Rambus Initiates Accelerated Share Repurchase Program

The following excerpt is from the company's SEC filing.

SUNNYVALE, Calif. October 26, 2015

Rambus Inc.

(NASDAQ:RMBS) today announced it has initiated an accelerated share repurchase program with Citibank, N.A. to repurchase an aggregate of approximately $100 million of its common stock, with an initial delivery of approximately 7,812,500 shares.

This share repurchase program showcases the confidence we have in our strategic programs and the growth we believe they will ultimately create, said Dr. Ron Black, president and chief executive officer at Rambus. We believe this buy-back program highlights our ability to continue the investment in critical technology areas while delivering shareholder value.

Under the accelerated share repurchase program, Rambus will pre-pay to Citibank, N.A. the $100 million purchase price for common stock and, in turn, Rambus will receive an initial delivery of approximately 7,812,500 shares of its common stock from Citibank, N.A. within the first week of the program. The number of shares to be ultimately purchased 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...