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Tessera declares special dividend of 30 cents

SAN JOSE, Calif. (AP) -- Tessera Technologies is declaring a special dividend of 30 cents per share as part of its capital allocation strategy.

The San Jose, Calif., company, which licenses miniaturization technology for electronic devices, said Monday that the special dividend will be paid on May 31 to shareholders of record on May 23.

Tessera Technologies Inc. also said it plans to buy back at least $16 million of its stock through its repurchase program over the next four quarters.

Last month the company named Executive Chairman Richard Hill to be interim chief executive officer while it searches for a replacement for former CEO Robert Young.