Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Sonus to Buy Back 7.4 Million Shares in Private Deal

Sonus Networks (NASDAQ: SONS  ) is making an off-market deal to help soak up some of its common stock. The company announced that it has reached 0an agreement with several of its shareholders to repurchase 7.4 million of its own shares in a privately negotiated transaction. The deal is part of an existing buyback program.

The sellers, collectively known as the Legatum Group, are affiliates of Galahad Securities. As a single entity, Legatum is the company's largest stockholder, holding just over 67 million shares -- nearly 24% of the outstanding amount. The price of the stake is roughly $25 million ($3.39 per share), which will be paid from Sonus' existing cash position.

Late last month, the company's board authorized a repurchase program for up to $100 million in common stock.

At the moment, Sonus has just under 283 million shares outstanding. Its stock currently trades at $3.50 per share.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2608168, ~/Articles/ArticleHandler.aspx, 9/30/2016 1:10:11 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 3 hours ago Sponsored by:
DOW 18,143.45 -195.79 -1.07%
S&P 500 2,151.13 -20.24 -0.93%
NASD 5,269.15 -49.39 -0.93%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 4:00 PM
SONS $7.73 Down -0.88 -10.22%
Sonus Networks CAPS Rating: ***