Summary
Entegris, Inc. (ENTG) filed an 8-K on November 20, 2007, reporting the entry into a material definitive agreement concerning a stock repurchase plan. On November 15, 2007, the company entered into a Rule 10b5-1 stock purchase plan with Citigroup Global Markets Inc. This plan allows Citigroup to act as Entegris' agent in purchasing up to approximately $49 million of the company's common stock on the open market.
Key Highlights
- 1Entegris entered into a Rule 10b5-1 stock purchase plan with Citigroup Global Markets Inc. on November 15, 2007.
- 2The plan authorizes the repurchase of up to approximately $49 million of Entegris' common stock.
- 3Purchases will be conducted on the open market.
- 4The purchase price will not exceed $11.00 per share.
- 5The stock purchase plan is set to commence on December 1, 2007, and conclude on November 30, 2008.
- 6This initiative is part of a broader share repurchase program approved by the board of directors in August 2006.
- 7The company issued a press release on November 15, 2007, to announce this stock purchase plan.
Frequently Asked Questions
The primary purpose of this Form 8-K filing is to report the entry into a material definitive agreement, specifically a stock purchase plan for share repurchases, as required by SEC regulations.
Entegris plans to spend up to approximately $49 million on share repurchases under this specific plan.
The plan allows for open market purchases of Entegris common stock, with a maximum price of $11.00 per share. It is managed by Citigroup Global Markets Inc. as the agent and is scheduled to run from December 1, 2007, to November 30, 2008.
This stock purchase plan is part of a larger share repurchase authorization that was initially approved by Entegris' board of directors in August 2006.