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Sonic board OKs repurchase of up to $40M in stock

OKLAHOMA CITY (AP) -- Drive-in restaurant operator Sonic Corp. said Friday that its board approved the repurchase of up to $40 million in common stock.

The buyback runs through Aug. 31, 2013.

Sonic said the move is in line with its focus on boosting value for the company's shareholders. The company completed a $30 million buyback earlier this year.

Shares of Oklahoma City-based Sonic rose 36 cents, or 4 percent, to $9.39 in afternoon trading.