Benzinga | Dec 16, 2021 09:06AM EST

Synopsys Initiates $200M Accelerated Buyback Agreement

Synopsys, Inc. (NASDAQ:SNPS) today announced that it has entered into an accelerated share repurchase agreement (ASR) with HSBC Bank USA, National Association to repurchase an aggregate of $200 million of Synopsys stock.

Under the terms of the ASR, Synopsys will receive an aggregate initial share delivery of approximately 443,000 shares, with the remainder, if any, to be settled on or before February 14, 2022, 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.