Summary
KLA-Tencor Corporation (KLAC) announced via an 8-K filing on June 30, 2008, that its Board of Directors authorized a significant share repurchase program. This new authorization allows for the repurchase of up to 15 million shares of the company's outstanding stock. The share repurchase is expected to be completed within approximately 15 months, subject to prevailing market conditions. Importantly, this new authorization is incremental to any previously existing share repurchase plans. This move signals management's confidence in the company's financial health and its commitment to returning value to shareholders.
Key Highlights
- 1KLA-Tencor's Board of Directors authorized a new share repurchase program.
- 2The program allows for the repurchase of up to 15 million outstanding shares.
- 3The repurchase is expected to be completed within 15 months.
- 4Completion of the repurchase is contingent on market conditions.
- 5This new authorization is in addition to previous repurchase programs.
- 6The announcement was made via a news release dated June 30, 2008, and filed with the SEC on the same date.
- 7Brian M. Martin, Senior Vice President and General Counsel, signed the filing.