Cree buys back $100 million of its shares
05/08/2014 2:36 PM
02/15/2015 11:18 AM
LED lighting company Cree has bought back $100 million of its shares and could purchase up to $200 million more under its expanded stock repurchasing program.
The Durham-based company announced Thursday that, earlier this week, its board of directors increased the total amount of stock the company is authorized to buy under its current repurchasing program to $300 million.
After buying 2.1 million shares at $47.11 per share, the company can purchase an additional $200.4 million in shares between now and the expiration of the program on June 28, 2015.
Cree shares were trading at $45.74, up 75 cents, Thursday afternoon. Its shares have fallen 27 percent this year.
Cree’s board also authorized the company to secure a $150 million credit facility that will enable it “to optimize its net investment return on its cash and investments while funding its general business needs.”
Cree had $1.2 billion in cash and investments as of March 30.
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.