Amkor Technology Announces $150 Million Stock Repurchase Program

CHANDLER, Ariz.--(BUSINESS WIRE)--Amkor Technology, Inc. (NASDAQ: AMKR) today announced that its Board of Directors has authorized the repurchase of up to $150 million of the Company’s common stock.

“We believe this stock repurchase program will enhance stockholder value and underscores our continued confidence in the underlying strength of our business model and the prospects for Amkor’s future”

“We believe this stock repurchase program will enhance stockholder value and underscores our continued confidence in the underlying strength of our business model and the prospects for Amkor’s future,” said Ken Joyce, Amkor’s president and chief executive officer.

The purchase of stock under this program may be made in the open market or through privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will depend upon a variety of factors including economic and market conditions, price, applicable legal requirements and other factors. The stock repurchase program will be funded with available cash and may be suspended or discontinued at any time. At June 30, 2011, the company had cash and cash equivalents of approximately $475 million.

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They are willing to expense up to $150 million of their $475 million cash position.

If EDIG can get past this most recent hurdle and begin to develop its cash position, this is something the board should consider, in the event of no price movement.

I hope we have the opportunity to have this sort of discussion down the road.