Red Hat, Inc. (NYSE: RHT), the world´s provider of open source solutions, has announced that its board of directors has authorized the repurchase of up to USD 1 billion of the company´s common stock from time to time on the open market or in privately negotiated transactions, the company said.
The new program is to replace the previous USD 1 billion repurchase program that will expire on June 30, 2018. From its commencement on July 1, 2016 through June 20, 2018, the company repurchased approximately 8.2 million shares of its common stock for USD 751 million under the previous program.
The timing and the amount of any repurchases of common stock will be determined by Red Hat management based on its evaluation of market conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased common stock will be available for use in connection with the company´s stock plans and for other corporate purposes.
Red Hat is the world´s provider of open source software solutions, using a community-powered approach to provide reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As a connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.