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Tellabs Plans Buyback

October 19, 2000|Bloomberg News

Tellabs Inc., the biggest maker of equipment to manage traffic on telephone lines, said that it plans to buy back as many as 4 million of its shares to boost the value of its stock. The buyback would cost $172 million, based on the closing price of Tellabs shares Wednesday. It represents about 1% of the company's 419.2 million shares outstanding as of Sept. 29. Tellabs shares have fallen 33% this year. The Lisle, Ill.-based company said the buyback is intended to offset dilution stemming from employee stock-compensation programs. Tellabs shares fell $2.44 to close at $43 on Nasdaq. The news was released after the close of regular trading.

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