Dole Food (UNKNOWN:UNKNOWN) hopes to boost the value of its common stock by repurchasing a chunk of its outstanding shares. The company's board has authorized a buyback program for up to $200 million worth of stock. The program is effective immediately; the firm did not say if it had an expiration date.
The buybacks will be effected through various means, including block trades, tenders, and privately negotiated purchases.
In the press release announcing the move, Dole quoted its COO, C. Michael Carter, as saying that it "affords us an opportunity to return cash to our shareholders, while rebalancing our capital structure by reducing the number of outstanding shares of common stock and increasing earnings per share."