Kulicke & Soffa heeds activist's call, launches buyback

• 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.

Comments

[Monsieur Market]

Nice work! It is about time...what are they going to do with the other $500 million?