NEW YORK (Thomson Financial) - Acme Packet Inc. said Friday its board has
authorized the repurchase of up to $20 million of the company's stock over the
next 12 months.
The company said the board decided upon a buyback plan after reviewing the
company's financial position and investment alternatives.
"Our common stock repurchase program indicates our belief that our common
stock is undervalued and does not reflect the intrinsic value of the company,
its performance and its prospects," Acme Packet said.
The buyback program will remain effective through Feb. 28, 2009, unless
terminated earlier by the board.
As of Dec. 31, Acme had $136.4 million in cash and equivalents and 60.4
million shares outstanding.
The company's stock closed Thursday at $6.86.
Melinda Peer
mp/vj
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