Cabot Microelectronics Corporation Announces New Capital Management Initiative to Return Value to Shareholders
- Proposed leveraged recapitalization with special cash dividend of $15 per share, or approximately $345 million - Special dividend to be funded from cash balance and anticipated new term loan facility - Increase in authorized share repurchase program to $150 million - Company remains committed to long-term growth strategy while returning future cash flow to shareholders
Cabot Microelectronics Corporation (Nasdaq: CCMP - News), the world's leading supplier of chemical mechanical planarization (CMP) polishing slurries and a growing CMP pad supplier to the semiconductor industry, today announced that its Board of Directors has determined to pursue a significant new capital management initiative, including a leveraged recapitalization, intended to more efficiently allocate the company's capital and provide additional value to its shareholders.
- Published: 13 December 2011
- Written by Editor