ADT wraps up share repurchase program
BOCA RATON, Fla.—ADT recently completed its share repurchase program, an agreement under which it repurchased 12.6 million shares of its common stock for a total cost of $600 million, according to a company statement.
In addition to the accelerated program, ADT may repurchase shares of its common stock on the open market under Rule 10b5-1 of the Securities and Exchange Act. In Dec. 2012, ADT initiated a $100 million share repurchase under that rule, in which 2.2 million shares of ADT common stock were repurchased prior to its completion on Jan. 23, according to the statement.
In February, ADT initiated an additional $100 million 10b5-1 share repurchase plan, and as of April 11, ADT had repurchased 2 million shares of its common stock under this plan for a cost of approximately $94 million.
The company’s share repurchases under both the accelerated and 10b5-1 plans were made pursuant to ADT’s three-year, $2 billion share repurchase program, which the company’s board of directors approved in November, the statement said.