On June 16, 2021, Rambus Inc., a provider of industry-leading chips and silicon IP making data faster and safer, announced that it initiated an accelerated share repurchase program with Deutsche Bank AG, London Branch as counterparty, through its agent Deutsche Bank Securities Inc. (Deutsche Bank) to repurchase an aggregate of approximately $100 million of its common stock. Wilson Sonsini Goodrich & Rosati represented Rambus in the transaction.
Under the accelerated share repurchase program, Rambus will pre-pay to Deutsche Bank the $100 million purchase price for its common stock and, in turn, Rambus will receive an initial delivery of approximately 4.0 million shares of its common stock from Deutsche Bank within the first week of the program. The number of shares to be purchased ultimately by Rambus will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, minus an agreed upon discount between the parties. The program is expected to be completed within six months. The accelerated share repurchase program is part of the broader 20 million share repurchase program previously authorized by the Rambus Board of Directors in October 2020.
On June 16, 2021, Rambus also announced the acquisition of AnalogX, the leading provider of low power multi-standard connectivity SerDes IP solutions, and the acquisition of PLDA, an industry leader in Compute Express Link (CXL) and PCI Express (PCIe) digital solutions.
The Wilson Sonsini team that represented Rambus in the accelerated share repurchase transaction includes:
CFG
Michael Occhiolini
Michael Rosati
Nick Wilson
Corporate
Michael Coke
Amanda Urquiza
Mary Chamaki
For more information, please see Rambus' press release.