MOUNTAIN VIEW, Calif.,
Aug. 29, 2019 /PRNewswire/ --
Synopsys, Inc. (Nasdaq: SNPS) today announced that it has entered
into an accelerated share repurchase agreement (ASR) with Wells
Fargo Bank, NA 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 585K shares, with the remainder, if any, to be
settled on or before November 26,
2019, upon completion of the repurchases. The specific
number of shares that Synopsys ultimately repurchases under the ASR
will be based on Synopsys' volume-weighted average share price
during the repurchase period, less a discount.
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™
partner for innovative companies developing the electronic products
and software applications we rely on every day. As the world's 15th
largest software company, Synopsys has a long history of being a
global leader in electronic design automation (EDA) and
semiconductor IP and is also growing its leadership in software
security and quality solutions. Whether you're a system-on-chip
(SoC) designer creating advanced semiconductors, or a software
developer writing applications that require the highest security
and quality, Synopsys has the solutions needed to deliver
innovative, high-quality, secure products. Learn more at
www.synopsys.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the expected settlement of the ASR.
Forward-looking statements are subject to both known and unknown
risks and uncertainties that may cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. These risks and uncertainties include, among others:
the market price of Synopsys common stock during the repurchase
period; the ability of Wells Fargo Bank, NA to buy or borrow shares
of Synopsys common stock; and the impact of global and regional
economic and market conditions, including illiquidity and other
risks of instability in the banking and financial services
industry. Other risks and uncertainties that may apply are set
forth in the Risk Factors section of Synopsys' most recently filed
Quarterly Report on Form 10-Q. Synopsys assumes no obligation to
update any forward-looking statement contained in this press
release.
INVESTOR CONTACT:
Lisa L.
Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com
EDITORIAL CONTACT:
Simone
Souza
Synopsys, Inc.
650-584-6454
simone@synopsys.com
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SOURCE Synopsys, Inc.