Thomas & Betts Up On Additional Buyback (TNB)
Shares of Thomas & Betts Corporation (NYSE: TNB) are stronger today, gaining on the news its board of directors announced an additional buyback of its common stock.
The board said the company can buy back up to 3 million shares between now and the end of 2012. It earlier had announced a buyback of 1 million shares being repurchased.
These two buyback announcements would account for almost 8% of the company's outstanding shares, as it has approximately 52 million shares outstanding.
Shares of TNB are gaining 37 cents to trade at $40.02.
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