AspenTech Announces Accelerated Share Repurchase Program
Aspen Technology, Inc. (NASDAQ: AZPN), a leading
provider of software and services to the process industries, today announced
that it has entered into an accelerated share repurchase (“ASR”) agreement with
J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National
Association, London Branch (“JPMorgan”) to repurchase $100 million of AspenTech
Under the terms of the ASR agreement, AspenTech will
pay $100 million to JPMorgan and will receive an initial delivery of
approximately 1.75 million shares of AspenTech common stock, based on current
market prices. The final number of shares to be repurchased will be based on
the average of the daily volume-weighted average share price of AspenTech’s
common stock during the term of the ASR, minus a discount. The final settlement
of the transactions under the new ASR agreement is expected to take place in
the second fiscal quarter 2017.
The ASR agreement is being executed as part of a stock
repurchase program that was authorized previously by AspenTech’s Board of
Directors and had approximately $521 million of funding remaining as of June
30, 2016. The ASR agreement is part of AspenTech’s intended repurchase of $400
million worth of stock during the fiscal year ending June 30, 2017, based on
market conditions and business outlook.
is a leading supplier of software that optimizes process manufacturing – for
energy, chemicals, pharmaceuticals, engineering and construction, and other
industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement
best practices for optimizing their engineering, manufacturing and supply chain
operations. As a result, AspenTech customers are better able to increase
capacity, improve margins, reduce costs and become more energy efficient. To
see how the world’s leading process manufacturers rely on AspenTech to achieve
their operational excellence goals, visit www.aspentech.com.
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