SonoSite Spends $89M on Share Buyback
SonoSite (NASDAQ: SONO), the Bothell, WA-based maker of portable ultrasound machines, said today it has agreed to pay $88.8 million to buy back 2.96 million shares at $30 apiece. That represents about 16.9 percent of the company’s outstanding shares, and leaves it with about 14.5 million shares outstanding. The deal was managed by JP Morgan Securities. SonoSite stock closed yesterday at $29.67, just a few cents below its 52-week high.