The board of directors for Booz Allen Hamilton‘s (NYSE: BAH) parent company has authorized the company to tap its current cash holdings to repurchase $30 million in shares of its outstanding common stock.
The purchases will be made in the open market, possibly in privately-negotiated transactions, the company announced Tuesday.
“We continue to look at a number of options for use of our current cash holdings and believe a share repurchase program provides flexibility to enhance shareholder value relative to our stock price, ” said President, Chairman and CEO Ralph Shrader.
Executive Biz on Monday wrote that Booz Allen is also assessing how it could spend some of its cash reserves in the mergers and acquisitions market, which would represent its first deal since 2003.
Read that story with comment from Chief Financial Officer Sam Strickland, here.