21Vianet Launches Share Buyback Program

21Vianet Group is calling in what it hopes will be a stock price-boosting move. The company's board has authorized a fresh repurchase program for up to $10 million worth of shares. The initiative will be in effect for one year.

The buybacks are to be effected through various means, including open market transactions, privately negotiated purchases, and block trades.

In the press release announcing the move, 21Vianet cautioned that its board "will review the share repurchase program periodically, and may authorize adjustment of its terms and size." The initiative is to be funded from the company's cash on hand.

Currently, the firm has slightly over 59 million shares outstanding. Its stock most recently closed at $14.98 per share.

The article 21Vianet Launches Share Buyback Program originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in 21Vianet. Nor 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.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story