Company offers to buy up to 6.5 million shares of its stock.
Tucows, which owns the world’s third largest domain name registrar, announced a Dutch auction tender offer to repurchase up to 6,500,000 shares of its common stock. That’s up to 12.2% of Tucows’ outstanding shares.
The company has frequently bought back shares in its company as it feels it is the best use of cash right now.
Tucows CEO Elliot Noss explained, “We continue to believe that the repurchase of our shares at this price level is an attractive investment and that their repurchase by Tucows is a prudent use of cash that is consistent with our long-term objectives to create shareholder value and return capital to shareholders.â€
The company will buy back shares for between 73 cents and 77 cents each. Shares today are up 1 cent to 76 cents.