The board of directors of Check Point Software Technologies has authorised an extension and expansion of its share repurchase programme ongoing since 2003.
A press statement by the Tel Aviv-based Internet security solutions provider said Check Point has now been authorised to repurchase up to US $200 million of its outstanding shares each quarter up to an aggregate of US $ 1 billion.
The new repurchase plan replaces a previous plan adopted July 2012, calling for a buyback for US $ 1 billion for a period of two years.
Since it started its buyback programme, the vendor has repurchased approximately 104.5 million shares for a total purchase price of around US 3.1 billion.
Of this amount, Check Point repurchased in 2013 around 10.1 million shares in an aggregate amount of US $358 million, representing an average of US $13.5 million in repurchases each quarter.
The statement said repurchases under the new plan will take place as open market transactions or as privately negotiated transactions.
This will be done from time to time, depending on market conditions.
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