Tucows resumes stock buybacks, up to 12.2% of outstanding shares
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 Tucowsâ€™ 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, â€œWe 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.