Cadence Design Systems (CDNS) Announces $200M Accelerates Share Buyback

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Go back to Cadence Design Systems (CDNS) Announces $200M Accelerates Share Buyback

Cadence Announces $200 Million Accelerated Share Repurchase Agreement

June 13, 2023 9:00 AM EDT

SAN JOSE, Calif.--(BUSINESS WIRE)-- Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced that it has entered into an accelerated share repurchase (ASR) agreement with HSBC Bank USA, National Association to repurchase an aggregate of $200 million of Cadence common stock.

Under the ASR agreement, Cadence will receive an initial share delivery of approximately 600,000 shares, with the remainder, if any, to be settled in the third quarter of 2023 upon completion of the repurchases. The final number of shares that Cadence will repurchase under the ASR agreement will be based on Cadences daily... More