Tech Data Corp. said Wednesday that its board has authorized buybacks of $100 million worth of its common shares.
It said its financial position and cash flow are strong. The company will make the purchases on the open market or through block trades or other transactions. It said it would keep the shares for general corporate purposes.
The company currently has about 50.6 million shares outstanding. At Wednesday's closing price of $42.36, the company could buy back about 2.36 million shares.