Money and shares are fast trading hands at Sonus Networks (NASDAQ:RBBN). Less than a week after effecting a 7.4 million share-strong share buyback in a privately negotiated deal, the company has announced another. It said that it reached an agreement with institutional shareholder Empire Capital Management to repurchase roughly 3.1 million of its own shares. The total purchase price is around $11 million, or approximately $3.55 per share.
Late last month, Sonus' board authorized a repurchase program for up to $100 million in common stock. This and last week's deal are both part of that initiative.
At the moment, Sonus has nearly 283 million shares outstanding. Its stock currently trades at $3.51 per share.
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