Rambus starts $90 million share buyback plan

LOS ALTOS, CALIF. (AP) - Chipmaker Rambus Inc. said Thursday that it has initiated a share repurchase program for about $90 million worth of its common stock.

In an agreement with JPMorgan Chase & Co., Rambus will prepay JPMorgan $90 million and be delivered shares that are bought over one to four months after subtracting fees.

Rambus Chief Financial Officer Satish Rishi said the repurchase program demonstrates the company’s confidence in its long-term prospects and its commitment to shareholder value.

Rambus shares rose 20 cents, or 1 percent, to $18.95 in after-hours trading Thursday, after closing down 30 cents, or 1.6 percent, to end the regular session at $18.75.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments
blog comments powered by Disqus
TWT Video Picks