Symantec Enters Accelerated Stock Repurchase Program

Symantec has entered into an accelerated stock repurchase program to buy an aggregate of $500 million of its common stock prior to March 31. Shares of the cyber-security software developer set an all-time high of $30.77 at Monday’s open. The stock has a 52-week low of $16.25.

Under the terms of the agreement, Symantec will pay to the counterparties a total of $500 million on March 15 and expects to receive from each of them on the same day an initial delivery of a total of approximately 14.2 million shares of the common stock.

At settlement, under certain circumstances, each of the counterparties may be required to deliver additional shares of common stock to Symantec, or under certain circumstances, Symantec may be required to deliver shares of common stock or to make a cash payment, at its election, to the counterparties.

By Jon Flanagan