3Com Extends Stock Repurchase Program
June 22, 1999 04:32 PM
SANTA CLARA, Calif.--(BUSINESS WIRE)--June 22, 1999--3Com Corporation, a global networking leader, today announced that its Board of Directors has authorized the repurchase of up to 15 million additional shares of the company's common stock.
Such purchases would be made in the open market from time to time and would, in part, offset the issuance of shares for employee stock plans. This most recent authorization follows previous authorizations for 10 million shares in March 1999 and 10 million shares in June 1998.
"We repurchased 10.6 million shares in our fourth quarter, bringing the total number of shares repurchased since June 1998 to 14.8 million," said Chris Paisley, senior vice president of finance and chief financial officer. "We believe this stock buy back program is an important component in our multiple efforts to increase shareholder value for 3Com stakeholders."
The amount and timing of shares to be purchased will be based on several factors, including the price of the company's stock, the level of stock issuances under the company's employee stock plans and market conditions. There is no set time limit on the repurchases and, except for reissuances in connection with employee stock programs, there are no specific plans for shares that might be purchased.
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