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Intel Expands Stock Buyback Program by 100 Million Shares
SANTA CLARA, Calif.--(BUSINESS WIRE)--March 26, 1998--The Board of Directors of the Intel Corporation approved an increase in the repurchase program of 100 million additional shares.
''Our investment in the future continues.'' said Dr. Andrew S. Grove, chairman and chief executive officer. ''The increase in the stock buyback program is a further demonstration of our commitment to stockholder value.''
Under prior stock buyback authorizations, the company has 29.8 million shares of common stock remaining available for repurchase as of March 25, 1998. With this increase, a total of 129.8 million shares can now be repurchased under the program, after allowing for shares to cover outstanding put warrants. As of March 25, 1998, Intel had the potential obligation to repurchase 14.8 million shares under outstanding put warrants. Since initiation of the program, Intel has repurchased 235.4 million shares.
Intel, the world's largest chip maker, is also a leading manufacturer of personal computer, networking, and communications products. Additional information about Intel is available at www.intel.com/pressroom/. |
