Benzinga | Apr 5, 2021 11:41AM EDT

Synopsis Expedites $100M Share Buyback Agreement

* Synopsys Inc (NASDAQ: SNPS) inked an accelerated share repurchase agreement with Mizuho Markets Americas LLC to buy back $100 million of Synopsys shares.

* Synopsys will receive an aggregate initial share delivery of 315,000 shares, with any remainder settlement by May 14 under the arrangement.

* The share buyback will be based on the average of Synopsys' daily volume-weighted average share prices during the repurchase period, minus discount.

* Synopsys held cash and equivalent of $1.02 billion as of Jan. 31, 2021.

* Price action: SNPS shares traded higher by 1.27% at $257.47 on the last check Monday.