NAPERVILLE, Ill., Nov. 20, 2012 /PRNewswire/ -- Tellabs intends to actively repurchase its common stock under an existing Board of Directors authorization, previously announced on Nov. 8, 2007. The company may repurchase up to $224.6 million (about 22.5% of shares outstanding at the Nov. 19, 2012, closing price) under the previously announced repurchase program.
The stock repurchase will follow guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934. The repurchase program will involve the purchase of common shares from time to time at the prevailing market price, starting as early as Nov. 26.
Tellabs plans to use part of its $942 million in cash, cash equivalents and marketable securities for the program. The company has no debt. Tellabs gives no assurance as to the amount of repurchases to be made or the actual purchase prices