Cypress’s Board of Directors Adds $300 Million to Stock Buyback Program
Cypress Semiconductor Corp. (NYSE: CY) today announced that its Board of Directors has authorized the company to add an additional $300 million to its authorized stock repurchase program, doubling the size of the program announced by Cypress in January 2007 to $600 million. The authorization allows Cypress to purchase its common stock, its outstanding 1% Convertible Senior Notes due September 15, 2009 or to enter into equity derivative transactions related to its common stock. The timing and actual amount expended with the new funds will depend on a variety of factors including the market price of the company’s common stock, regulatory and contractual requirements and other market factors.
To date, the company has purchased 12.2 million shares of stock at a cost of $269 million under this buyback program, leaving $331 million available for additional expenditure.
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