Check Point announces extension to share repurchase program
Check Point announced that its board has authorized an extension to the company's on-going share repurchase program. Under the updated plan, effective immediately, Check Point is authorized to continue to repurchase up to $250 million of ordinary shares each quarter, up to an aggregate of $1 billion. From April 1, 2016 through June 30, 2017, Check Point repurchased approximately 14 million shares for an aggregate purchase price of approximately $1.2 billion, which represented an average repurchase per quarter of $247.3 million. As of June 30, 2017, Check Point has approximately 162.8 million ordinary shares outstanding. Check Point began its share repurchase program in 2003, and since then has repurchased approximately 144.9 million shares for a total purchase price of approximately $6.3 billion. The updated plan extends the previous repurchase plan adopted in May 2016, which provided for the repurchase of up to $250 million shares each quarter, up to an aggregate of $1.5 billion.