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SIMG > SEC Filings for SIMG > Form 8-K on 13-Nov-2012All Recent SEC Filings

Show all filings for SILICON IMAGE INC



Entry into a Material Definitive Agreement


As previously disclosed, in the second quarter 2012, the Board of Directors (the "Board") of Silicon Image, Inc. (the "Registrant") authorized the Registrant to repurchase shares of its common stock to an aggregate purchase of $50 million (the "2012 Repurchase Program"). The Board authorized the repurchases to occur from time to time in the open market or in privately negotiated transactions.

Pursuant to the authorization under the 2012 Repurchase Program, on November 9, 2012, the Registrant entered into an accelerated stock repurchase agreement with Barclays Capital Inc. ("Barclays"), as agent for Barclays Bank PLC, effective November 12, 2012 (the "ASR Agreement"). Under the ASR Agreement, on November 14, 2012, the Registrant will pay $30 million from cash on hand to Barclays to repurchase outstanding shares of the Registrant's common stock, par value $0.01 (the "Common Stock"), and Barclays will make an initial delivery to the Registrant of approximately five (5) million shares of the Registrant's common stock. Barclays then may deliver additional shares to the Registrant at or prior to maturity of the ASR Agreement, with the total number of shares to be repurchased under the ASR Agreement to be based on the average daily volume weighted average price of the Common Stock during the term of the ASR Agreement. Under certain circumstances, the Registrant may be required to return to Barclays a portion of the shares received or make an additional cash payment to Barclays. The ASR Agreement is scheduled to extend for approximately (7) months but may conclude earlier at Barclays' option and may be terminated early upon the occurrence of certain events.

The above summary is qualified in its entirety by reference to the ASR Agreement, which the Registrant will file as an exhibit to its Annual Report on Form 10-K for the year ended December 31, 2012.

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