SanDisk Expands Stock Repurchase Program
SanDisk Corporation (NASDAQ: SNDK), a global leader in flash memory storage solutions, today announced that its Board of Directors has authorized an additional $750 million for common stock repurchases. This increases the total amount authorized for stock repurchases under the current program to $1.25 billion. The current repurchase program was established on Oct. 27, 2011 and will expire on Oct. 26, 2016. To date under this program, the company has used approximately $234 million for stock repurchases and approximately $1.016 billion remains available.
Under the expanded program, stock repurchases may be made from time to time and the actual amount expended will depend on a variety of factors including market conditions, regulatory and legal requirements, corporate cash generation and other factors. The stock repurchases may be made in both open market and privately negotiated transactions, and may include the use of derivative contracts, structured share repurchase agreements and Rule 10b5-1 trading plans. The program does not obligate SanDisk to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the company's discretion.