ADC Telecommunications Terminates Stock Repurchase Program To Pursue Strategic Acquisitions For Growth.MINNEAPOLIS--(BUSINESS WIRE)--June 21, 1999-- ADC Telecommunications, Inc. (Nasdaq: ADCT ADCT Adaptive Discrete Cosine Transform ; www.adc (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. .com) today announced that its Board of Directors had voted to terminate its current stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program announced in April 1998. Of the 6.7 million shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. under the program, ADC had repurchased approximately one million shares prior to its termination. The Board terminated the program in order to provide ADC with more flexibility in pursuing strategic acquisitions to grow its business. About ADC Telecommunications ADC Telecommunications, Inc., is a leading global supplier of voice, video and data systems for telephone, cable television, Internet, broadcast, wireless and private communications networks. ADC's systems enable local access and high-speed transmission of communications services from providers to consumers and businesses over fiber-optic, copper, coaxial and wireless media. Headquartered in Minneapolis, Minnesota, ADC has approximately 9,600 employees around the world and annual sales of $1.5 billion. For additional information, visit our Web site at www.adc.com. Cautionary statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 Any forward-looking statements contained herein reflect management's current expectations or beliefs. ADC Telecommunications cautions readers that future actual results could differ materially from those in forward-looking statements depending on the outcome of certain factors, including the risks and uncertainties identified in Exhibit 99 to ADC's Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended April 30, 1999. |
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