Electronics for Imaging to buy stock using real estate sale proceeds

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Electronics for Imaging, Inc.'s board of directors has approved, but not yet begun, a modified Dutch auction tender offer for up to $70 million of the company's common stock, it was announced on Wednesday.

The approval uses the balance of the previously authorized $100 million share repurchase program, according to an Electronics for Imaging news release.

Electronics for Imaging will announce the price range for the offer, which it expects to begin in the fourth quarter of 2009.

The Foster City, Calif.-based digital controller manufacturer will fund the offer using existing cash reserves.

Chief executive officer Guy Gecht said: "The decision by the board and management to immediately deploy the remaining balance of our $100 million repurchase program through a tender offer completes our goal of returning the cash generated from our real estate sale to our stockholders."

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