Cree (CREE) Extends and Increases Buyback for Up to 5M Shares
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Cree, Inc. (Nasdaq: CREE) today announced that its Board has authorized an extension and increase in its buyback program: Cree will now be buying back its own stock through the fiscal year ending June 28, 2009 and is authorized to repurchase up to 5 million shares of common stock.
Cree expects to use available cash to finance purchases under the program. The program can be implemented through open market or privately negotiated transactions at the discretion of the company's management.
Cree, Inc. develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN), and related compounds.
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