SUNNYVALE, Calif., Sept. 2, 2015 — (PRNewswire) — Trimble (NASDAQ: TRMB) today announced the commencement of a $75 million accelerated share repurchase (ASR) with JPMorgan Chase Bank, N.A.
Under the terms of the ASR agreement, Trimble has agreed to repurchase $75 million of its common stock with the majority of the shares to be received shortly following the execution of the ASR transaction. The final number of shares to be repurchased will be based on the volume-weighted average share price of Trimble's common stock during the term of the ASR, minus a discount. The final settlement of the transactions under the ASR agreement is expected to take place by the end of 2015.
The ASR program is being executed as part of an authorization by Trimble's Board of Directors to repurchase up to $400 million of the Company's common stock, which was announced on August 13, 2015.
During 2015 thus far, Trimble has purchased or committed to purchase through this ASR a total of $234 million of its common stock. This total includes $84 million of open market purchases completed under the prior authorization, which was terminated on August 11, 2015. In addition, under the current authorization, the Company has purchased $75 million in the open market since August 13, 2015 and has committed to an additional $75 million through this ASR.
After the completion of the ASR, $250 million will remain under the current share repurchase authorization.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
For more information visit: www.trimble.com.
Certain statements made in this press release regarding Trimble's plans to repurchase up to $400 million of its common shares, the anticipated timing of such repurchases, the manner in which the Trimble may effect such repurchase, and other statements that are not historical in nature constitute forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this news release. Factors that could cause or contribute to such differences include, but are not limited to, Trimble's available resources and cash flows from operating activities to repurchase the shares, changing market prices for Trimble common stock, economic trends in the markets served by Trimble, and alternative uses of capital. More information about potential factors which could affect Trimble's business, financial results, and the timing and cost of such share repurchases and plans for future share repurchases is set forth in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/trimble-announces-accelerated-share-repurchase-program-300136654.html