MOSCOW and THE HAGUE, Netherlands, March 11, 2013 (GLOBE NEWSWIRE) -- Yandex N.V. (Nasdaq:YNDX), one of Europe's largest internet companies, today announced that its Board of Directors has authorized a program to repurchase up to 12 million Class A shares, commencing after the completion of the distribution in connection with the secondary offering of Class A shares also announced today. Such shares may be repurchased from time to time in open market transactions. The timing and amount of share repurchases will depend on a variety of factors, including market conditions. Yandex intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the program in accordance with applicable laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The company intends to enter into a repurchase plan under Rule 10b5-1 under the Exchange Act in respect of substantially all of the shares to be repurchased under such program, and may also make additional repurchases from time to time outside such plan. The repurchase program will be in effect until at least November 14, 2013, and, if the company's shareholders renew the board's authority to repurchase company shares at the 2013 annual general meeting of shareholders, will be extended until March 2014.
Yandex Announces Board Authorization Of A Share Repurchase Program
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