[Techtaffy Newsdesk]
BMC Software’s board of directors have approved a new $1 billion share repurchase. At current prices, the repurchase would equal approximately 15 percent of the company’s current shares outstanding.
BMC anticipates completing the share repurchase within the next 12 months. The company expects $750 million to be executed via an accelerated share repurchase agreement to be entered into within its fiscal third quarter ending December 31, 2012. BMC expects to fund this program with cash on hand as well as other sources of available liquidity.
[Image Courtesy: BMC Software / Facebook]