Xilinx, Inc. (Nasdaq:XLNX) said Thursday it would consolidate its outstanding equity through a repurchase of up to $250 million of its common stock.
Share of the programmable logic device (PDL) maker closed yesterday's session up 2.75 to 69.88.
The buyback, which follows a recently completed $200 million stock repurchase, has been approved by Xilinx's Board of Directors and will be carried out by management on an ongoing basis. Exact timing and amounts of shares to be repurchased will be determined on market and business conditions.
According to the company, the consolidation is driven by the long-term attractiveness of Xilinx shares and will enhance shareholder value.
The buyback follows on the heals of a strong second quarter performance from Xilinx, which saw the company top analyst estimates.