Syncor to Repurchase Up to 500,000 Shares of Stock
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Syncor International, a Chatsworth provider of specialized pharmaceuticals, said it plans to buy back up to 500,000 of its common shares in periodic open-market purchases.
The buyback represents about 4.8% of Syncor’s 10.5 million total common shares outstanding. The stock closed Monday at $4.75 in over-the-counter trading; at that price, the buyback would cost Syncor $2.4 million.
The stock’s present “attractive” price and Syncor’s “strong cash position” enable the company to “decrease the number of shares outstanding without adversely affecting our balance sheet,” chairman Monty Fu said.
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