E.F.I. TO BUY BACK $100Mln IN SHARES

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E.F.I. TO BUY BACK $100Mln IN SHARES

 user 2009-02-25 at 12:19:59 pm Views: 46
  • #21788

    http://www.tradingmarkets.com/.site/news/Stock%20News/2186792/
    Electronics For Imaging Authorizes $100 Million Buyback
    Electronics For Imaging, Inc.’s board has approved a $100 million share repurchase program, including a $30 million accelerated share repurchase, utilizing a portion of proceeds from the sale of the company’s real estate in Foster City, California.The new share repurchase authorization replaces a previously-approved share repurchase program, including a remaining amount of around $33 million that was available for repurchases under that program.Electronics For Imaging also said that it entered into an agreement with UBS AG, London Branch to repurchase $30 million of its common stock under the ASR. The final number of shares to be repurchased under the ASR will be determined based on market prices of the company’s common stock during the term of the ASR agreement.As a result of entering into the ASR, the company said it expects that, during the term of the ASR, UBS will be purchasing the company’s common stock in the market. Electronics For Imaging said it expects to complete the repurchases under the ASR in the second or third quarter of 2009, with the final completion date subject to the discretion of UBS.

    Forster City, California-based Electronics For Imaging offers digital printing products. The company’s product portfolio includes Fiery digital color print servers, Butek superwide digital inkjet printers, UV and solvent inks, Rastek UV wide-format inkjet printers, Jetrion industrial inkjet printing systems, print production workflow and management information software and corporate printing solutions.