Computer Associates Amends Share Repurchase Program; Repurchases 3.5 Million Shares In Privately Negotiated Transaction.ISLANDIA, N.Y.--(BUSINESS WIRE)--Feb. 17, 1999--Computer Associates International, Inc. (NYSE NYSE See: New York Stock Exchange : CA) announced today that it has amended the terms of its Common Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program to allow share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. in privately negotiated transactions in addition to repurchases in open market transactions. In connection with this amendment, CA is pleased to announce that, after yesterday's close of trading on the NYSE, it reached a definitive agreement to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 3.5 million shares of its Common Stock from Careal Holding AG, an affiliate of CA, at a price of $44.84 per share. The per share purchase price represents a discount to yesterday's NYSE closing price of CA stock of $45.06 and a 4% and 6% respective discount to the 10-trading day and 20-trading day average NYSE closing price of CA stock. The transaction, which is expected to close within 10 days, will be funded from existing cash balances. Careal has informed CA that, following this transaction, it has no present intention of selling additional CA shares. CA had 538,748,495 shares of its Common Stock outstanding as of January 29, 1999. Through December 31, 1998, CA had repurchased approximately 146.6 million shares under its stock repurchase programs, with 53.4 million shares remaining authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: for repurchase. Any shares repurchased will be used for general corporate purposes. All share amounts above have been adjusted to reflect the three-for-two stock splits effective August 21, 1995, July 15, 1996 and November 5, 1997. Computer Associates International, Inc. (NYSE: CA), the world leader in mission-critical business computing computing - computer , provides software, support and integration services in more than 100 countries around the world. CA has more than 13,000 employees and had revenue of $5.1 billion in calendar year 1998. For more information about CA, please call 516-342-5224 or email info@cai.com. CA's World Wide Web address is www.cai.com. |
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