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Shareholders' Equity
 12 Months Ended
Jun. 26, 2011
Shareholders' Equity  
Shareholders' Equity

Note 9 – Shareholders' Equity

In September 2009, the Company issued and sold 12.65 million shares of its common stock, with net proceeds of approximately $434.0 million.

 

As of June 26, 2011, the Company is authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $200 million for all purchases from June 16, 2011 through the expiration of the program, as authorized by the Board of Directors and extended through June 24, 2012. During the fiscal year ended June 26, 2011 no shares were repurchased under the program. During the fiscal year ended June 28, 2009, the Company repurchased approximately 0.1 million shares at an average price of $21.18 per share with an aggregate value of approximately $2.7 million. Since the inception of the predecessor stock repurchase program in January 2001, the Company has repurchased 9.8 million shares of its common stock at an average price of $19.74 per share with an aggregate value of $193.5 million. The Company expects to use available cash to finance any purchases under the current program. The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the Company's management. The Company will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.

On May 29, 2002, the Company's Board of Directors adopted a shareholders' rights plan, pursuant to which stock purchase rights were distributed to shareholders at a rate of one right with respect to each share of common stock held of record as of June 10, 2002. Subsequently issued shares of common stock also carry stock purchase rights under the plan. The rights plan is designed to enhance the Board's ability to prevent an acquirer from depriving shareholders of the long-term value of their investment and to protect shareholders against attempts to acquire the Company by means of unfair or abusive takeover tactics. Unless terminated by the Board, the rights become exercisable based upon certain limited conditions related to acquisitions of stock, tender offers and certain business combinations involving the Company. The shareholders' rights plan includes a review mechanism requiring the independent members of the Company's Board of Directors to review and evaluate the plan at least every three years to consider whether the maintenance of the plan continues to be in the best interests of the Company and its shareholders and to communicate their conclusion to the Board. The Board of Directors has delegated this responsibility to the Governance and Nominations Committee, which is composed of all independent directors of the Board. In April 2011, the Governance and Nominations Committee recommended to the Board of Directors that plan not be modified and the Board accepted the recommendation.

At June 26, 2011, the Company had reserved a total of approximately 12.9 million shares of its common stock and 0.1 million shares of its Series A preferred stock for future issuance as follows (in thousands):

 

     Number of
Shares		  

For exercise of outstanding common stock options

      6,467   

For vesting of outstanding stock units

      24   

For future equity awards under 2004 Long-Term Incentive Compensation Plan

      5,830   

For future issuance under the Non-Employee Director Stock Compensation and Deferral Program

      100   

For future issuance to employees under the 2005 Employee Stock Purchase Plan

      496   
  

 

 

  

Total common shares reserved

      12,917   
  

 

 

  

Series A preferred stock reserved for exercise of rights issued under shareholders' rights plan

      100