Telecommunications gear maker Tekelec (Nasdaq: TKLC) is going to repurchase up to $50 million of its stock, the company said Monday.
Tekelec shares traded at $11.44, up 38 cents or 3.4 percent, in trading Monday afternoon.
The repurchase plan is the second for the same amount Tekelec has implemented in recent months.
“After a review of Tekelec’s financial position and cash flow projections, our board concluded that a further stock repurchase program is consistent with our commitment to deliver value to our shareholders,” Tekelec Chief Executive Officer Frank Plastina said in a statement.
