NEW YORK DoubleClick plans to repurchase up to $100 million of its common stock intermittently on the open market or in privately negotiated transactions, the online ad technology company said yesterday.
At today's midday trading price of $9, that amount represents about 1.1 million of DoubleClick's 137.6 million shares of outstanding common stock. The repurchased shares will be available to use for the company's stock plans and other corporate purposes.
"At current levels, we believe that DoubleClick's stock represents an attractive investment opportunity," company CEO Kevin Ryan said in a statement. "This action reflects our ongoing commitment to improving the investment value of our stock."
The repurchase program, which may be suspended or discontinued at anytime, will be funded using the company's cash and marketable securities, which totaled $662 million at the end of the third quarter.
DoubleClick's stock (DCLK) closed on the Nasdaq today at $8.95, down 2 cents. Its 52-week high is $13.00 and 52-week low is $5.39.