Plantronics Announces Accelerated Share Repurchase of $100 Million (PLT, GS)

Plantronics PLT today announced that it entered into two separate Accelerated Share Repurchase agreements with Goldman, Sachs & Co. GS to repurchase an aggregate of $100 million of Plantronics' common stock under an accelerated share repurchase program. "In connection with the 7 million share repurchase authorization announced on May 3, 2011, we are pursuing an accelerated pace by using an ASR in this initial phase," said Ken Kannappan, President & CEO. Plantronics is scheduled to pay $100 million to Goldman on or about May 12, 2011 and will receive delivery of shares by Goldman pursuant to the ASR agreements. A majority of the shares are scheduled to be delivered by Goldman by May 23, 2011. The remaining shares to be repurchased will be based generally on the daily volume-weighted average price of Plantronics' common stock during the term of the ASR agreements, and under certain circumstances Goldman will not repurchase additional shares and Plantronics will be required to make an additional payment or deliver shares to Goldman.