Harman Kardon 2008 Annual Report Download - page 39

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21
The following table provides information about shares acquired from employees during the fourth quarter
in connection with the surrender of shares to pay option exercise prices.
Period
Total Number
of Shares
Acquired
During Period
Average Price
Paid Per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Maximum Number of
Shares That May Yet
Be Purchased Under
the Plans or
Programs
April 1 – April 30 --- --- --- ---
May 1 – May 31 286,604 $43.09 --- ---
June 1 – June 30 --- --- --- ---
Total 286,604 $43.09 --- ---
Since inception of our share repurchase program in June 1998 and through September 30, 2007, we had
acquired and placed in treasury a total of 18,198,082 shares of our common stock at a cost of $639.6
million. Our program was suspended upon the announcement in April 2007 of our proposed merger with
a company formed by investment funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”), GS
Capital Partners VI Fund, L.P. and its related funds, which are sponsored by Goldman, Sachs & Co.
(“GSCP”). On October 22, 2007, we announced the termination of our agreement with KKR and GSCP
and companies formed by investment funds affiliated with KKR and GSCP. In connection with the
termination agreement, the Company entered into a note purchase agreement under which it sold $400
million aggregate principal amount of its 1.25 percent Convertible Notes due 2012 (the “Notes”) to
affiliates of KKR, GSCP, Citibank, N.A. and HSBC USA, Inc. On October 30, 2007, the Company used
the proceeds from the issuance and sale of the Notes to repurchase 4,775,549 shares of the Company’s
common stock at a cost of $400.3 million. We received an additional 2,449,230 shares upon settlement of
the October 2007 repurchase. The total number of shares purchased and retired as a result of the October
2007 repurchase was 7,224,779. The total number of shares repurchased through June 30, 2008 was
25,422,861.
For a description of limitations on repurchases of shares and on the payment of dividends, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial
Condition” located in Item 7 of Part II of this report.