Lam Research Board Approves Acquisition Of Company Stock Options

The board of directors of Lam Research Corp. (Fremont, CA; 510-572-4538), a supplier of wafer fabrication equipment to the worldwide semiconductor industry, has authorized a program to acquire, from independent third parties, options to purchase up to 3.5 million shares of the company's common stock. The company is acquiring these call options to offset the anticipated dilutive effect of a potential conversion of subordinated debt previously issued by the company into common stock.

As part of the program, the board also authorized the company to enter into put options with the same third parties covering up to 5.25 million shares of the company's common stock. The premiums the company will receive over the course of the program from the sale of the put options is intended to fully offset the premium cost of its purchases of call options from those same parties. This option purchase program is separate from previously announced share repurchase programs.

Lam Research Corp. is a supplier of wafer fabrication equipment and services to the world's semiconductor industry.

For more information, call Lisa Garber of Lam Research Corp. at 510-572-4538, or e-mail lisa.garber@lamrc.com.