Sonus Makes Second Private Share Buyback in a Week
Money and shares are fast trading hands at Sonus Networks . Less than a week after effecting a 7.4 million share-strong share buyback in a privately negotiated deal, the company has announced another. It said that it reached an agreement with institutional shareholder Empire Capital Management to repurchase roughly 3.1 million of its own shares. The total purchase price is around $11 million, or approximately $3.55 per share.
Late last month, Sonus' board authorized a repurchase program for up to $100 million in common stock. This and last week's deal are both part of that initiative.
At the moment, Sonus has nearly 283 million shares outstanding. Its stock currently trades at $3.51 per share.
The article Sonus Makes Second Private Share Buyback in a Week originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Sonus Networks, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.