Arctic Cat, Inc. may repurchase up to $20 million of its stock under a plan approved by the company's board of directors.
This new authorization is in addition to approximately $6.8 million remaining under Arctic Cat's previous share repurchase program. Arctic Cat has approximately 19.3 million common and Class B common shares outstanding.
Share repurchases under the new program may be made through open market and privately negotiated transactions from time to time and in such amounts as management deems appropriate. The timing of share repurchases will depend on market conditions and other corporate considerations.
Arctic Cat has bought back more than 11 million common shares since 1996.
“This share repurchase program supports the company's commitment to increase shareholder value and reflects our belief that the stock represents a good investment opportunity,” said Arctic Cat Chairman and CEO Christopher Twomey.
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