Bridgford Foods OKs Stock Buyback
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Bridgford Foods Corp., a producer of frozen foods, said Wednesday its board of directors has approved the repurchase of up to 1 million shares, or about 9%, of its outstanding common stock.
The company said in a press release it believes the stock is undervalued now and that the repurchase program is a good investment of available funds.
Shares closed Wednesday at $9 a share, down 13 cents in Nasdaq trading.
The repurchase will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The company retained Salomon Smith Barney to manage the repurchase program.
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