ACI Worldwide (ACIW: Quote) announced that its board has authorized an increase to its Share Repurchase Program to 2.5 million shares of the company's common stock. This represents $113 million of repurchase capacity, based on the $45.21 closing trading price per ACI share on September 13, 2012. Under the pre-existing Share Repurchase Program, year-to-date as of September 13, 2012, ACI has repurchased 1.43 million shares.
ACI also announced that pursuant to the 2007 Master Alliance Agreement between ACI and IBM, IBM plans to start exercising its 2.8 million warrants to purchase ACI common stock. These warrants, which expire in December 2012, were issued by ACI as part of the two companies strategic alliance formed in 2007. The company said it plans to use a portion of the proceeds to pay down its revolving debt facility.
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by RTT Staff Writer
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