Entropic, a provider of semiconductor products for the connected home, announced its BoD authorised a share repurchase programme under which up to USD 30 million worth of the company's common stock may be repurchased. Purchases under the repurchase programme may be made until 30 September 2014 through open market or privately negotiated transactions, block trades or otherwise.
Purchases will be made from time to time at Entropic's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, including applicable securities laws and other factors. The share repurchase programme does not obligate Entropic to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. In order to ensure compliance with Federal securities laws, the company does not anticipate repurchases to commence until after 31 October. At the end of the second quarter, Entropic had approximately 90 million shares outstanding and approximately USD 166 million in cash, cash equivalents and short-term investments.
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