Sonus Networks agrees to buyback plan
Aug 27, 2013 (TELECOMWORLDWIRE via COMTEX) --
Sonus Networks, Inc. (NASDAQ: SONS) reported it has agreed to buyback approximately 3.1m shares of the company's common stock in a privately negotiated transaction with Empire Capital Management at USD3.50 per share, the market closing price on August 23, 2013, for a total purchase price of approximately USD11m.
The company will pay for the share repurchase using cash on hand.
Prior to the transaction, as reflected in filings made by Empire with the Securities and Exchange Commission, Empire owned 30.5m shares, or approximately 11%, of the company's outstanding common stock. Following the transaction, Empire will own 27.4 million shares, or approximately 10%, of the company's outstanding common stock.
Sonus helps the world's leading communications service providers and enterprises embrace the next generation of SIP-based solutions including VoIP, video and Unified Communications through secure, reliable and scalable IP networks. For more information, visit www.sonus.net
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