November 14, 2008
Perini Allows Stock Repurchase
Perini Corp. of Framingham announced that its board has authorized the repurchase of up to $100 million of its stock over the next year.
The terms of the repurchase program allow the construction company to buy the shares in open market purchases or through privately negotiated deals.
The company said it will determine how much stock to buy and when to buy it based on market conditions and other factors. It will use cash on hand to finance the purchases, it said.
As of the end of October, Perini had about 50.3 million shares of common stock outstanding. The stock was trading at $14.38 this morning.
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