Benzinga | Apr 5, 2021 09:02AM EDT

Synopsys Initiates $100M Accelerated Buyback Agreement With Mizuho Markets Americas LLC

Synopsys, Inc. (NASDAQ:SNPS) today announced that it has entered into an accelerated share repurchase agreement (ASR) with Mizuho Markets Americas LLC to repurchase an aggregate of $100 million of Synopsys stock.

Under the terms of the ASR, Synopsys will receive an aggregate initial share delivery of approximately 315,000 shares, with the remainder, if any, to be settled on or before May 14, 2021, upon completion of the repurchases. The specific number of shares that Synopsys ultimately repurchases under the ASR will be based on the average of Synopsys' daily volume-weighted average share prices during the repurchase period, less a discount.