CIMdata PLM Industry Summary Online Archive
28 July 2004
Financial News
Magma Design Automation Authorizes Common Share Repurchase Program
Magma Design Automation Inc. announced that its board of directors has authorized the company to repurchase up to 1,000,000 shares of common stock. Acquisitions for the share repurchase program will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. The program may be discontinued at any time without prior notice. The company currently has approximately 33.7 million shares outstanding.
The repurchased shares are expected to be used for the company's employee benefit plans; any portion of the repurchased shares not used for that purpose will be available for other general corporate purposes. No time limit was set for the completion of the program.
Rajeev Madhavan, Magma chairman and chief executive officer, said that the board decided to pursue this course of action after a review of the company's financial position and investment alternatives. "Under current market conditions, we have an opportunity to buy back our shares at what we believe are attractive levels. Our current strong cash position allows us to implement this repurchase program without adverse impact to our internal investment plans."
Become a member of the CIMdata PLM Community to receive your daily PLM news and much more.
Tell us what you think of the CIMdata Newsletter. Send your feedback.
CIMdata is committed to your privacy. Your personal information will never be sold or shared outside of CIMdata without your express permission.