LifeLock Announces an Additional Accelerated Share Repurchase Transaction
17 Mai 2016 - 2:00PM
Business Wire
LifeLock, Inc. (NYSE:LOCK), an industry leader in identity theft
protection services, today announced the commencement of an
additional accelerated share repurchase (ASR) transaction with Bank
of America, N.A. for approximately $48 million.
Under the terms of the additional ASR transaction, LifeLock has
agreed to repurchase approximately $48 million of its common stock
with the majority of the shares to be received shortly following
the execution of the ASR transaction. The final number of shares to
be repurchased will be based on the volume-weighted average share
price of LifeLock’s common stock during the term of the ASR, minus
a discount. The final settlement of the transactions under the new
ASR agreement is expected to take place on or before the end of Q3
2016.
The additional ASR transaction is being executed as part of an
authorization by LifeLock’s Board of Directors to repurchase up to
$100 million of the Company's common stock, which was announced on
November 30, 2015, and is in addition to the $50 million ASR
transaction entered into with Bank of America, N.A. by LifeLock in
February 2016.
Since the announcement of the share repurchase program in
November 2015, LifeLock has purchased approximately $1.9 million
worth of common stock in the open market, in addition to the stock
purchased through the February 2016 ASR. After the completion of
the two ASR transactions, the authorized repurchase of $100 million
worth of common stock will be complete.
About LifeLock
LifeLock, Inc (NYSE:LOCK) is a leading provider of proactive
identity theft protection services for consumers and consumer risk
management services for enterprises. LifeLock’s threat detection,
proactive identity alerts, and comprehensive remediation services
help provide peace of mind for consumers amid the growing threat of
identity theft. Leveraging unique data, science and patented
technology from ID Analytics, LLC, a wholly owned subsidiary,
LifeLock offers identity theft protection that goes significantly
beyond credit monitoring. As part of its commitment to help fight
identity theft, LifeLock works to train law enforcement and
partners with a variety of non-profit organizations to help
consumers establish positive habits to combat this threat.
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version on businesswire.com: http://www.businesswire.com/news/home/20160517005820/en/
LifeLock, Inc.Media:Debra Jack,
480-457-2170Media@lifelock.comorInvestor Relations:Jamison
Manwaring, 480-457-5000VP, Investor
RelationsInvestor.relations@lifelock.com
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