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Sonus Networks Inc Announces Privately-Negotiated Share Repurchase


Monday, 26 Aug 2013 07:00am EDT 

Sonus Networks Inc announced that as part of the previously announced stock buyback program, it has agreed to repurchase approximately 3.1 million shares of the Company’s common stock in a privately negotiated transaction with Empire Capital Management, L.L.C. (Empire) at $3.50 per share, the market closing price on August 23, 2013, for a total purchase price of approximately $11 million. The Company will pay for the share repurchase using cash on hand. Prior to the transaction, as reflected in filings made by Empire with the Securities and Exchange Commission, Empire owned 30.5 million shares, or approximately 11%, of the Company’s outstanding common stock. Following the transaction, Empire will own 27.4 million shares, or approximately 10%, of the Company’s outstanding common stock. The Company announced on July 29, 2013 that the Board of Directors had authorized a stock buyback program to repurchase up to $100 million of the Company’s common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. 

Company Quote

3.385
0.045 +1.35%
12:44pm EDT