Kulicke & Soffa heeds activist's call, launches buyback

|About: Kulicke and Soffa Industrie... (KLIC)|By:, SA News Editor

Kulicke & Soffa (NASDAQ:KLIC) has launched a $100M buyback program. At current levels, it's good for repurchasing 9% of outstanding shares.

The chip equipment maker had $600M in cash as of June 28, and no debt. Activist Lemelson Capital called for a buyback in April, and Barron's had also taken note of Kulicke's huge cash balance and lack of a capital return program.

Shares +1.7% premarket.

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