Cadence to buy back $200M stock under ASR agreement
Cadence Design Systems (NASDAQ:CDNS) said Tuesday it entered into an accelerated share repurchase agreement to buy back about $200 million of common stock.
Under the agreement, the company will receive an initial share delivery of about 600,000 shares, with the remainder, if any, to be settled in Q3 2023 upon completion of repurchases.
The final number of shares that the company will buy back will depend on its daily volume-weighted average share prices during the term of the ASR agreement, minus a discount.
Press Release.