THQ's announced today that its board of directors authorized the repurchase of up to $25 million of the company's common stock, either on the open market or in private transactions.
The decision was prompted by THQ's strong cash position and the company's current stock price, which closed at $22.89 in today's trading. The company currently has 39.6 million shares of common stock outstanding, and as of June 30, it had $173 million in cash. "We believe our stock is a good investment," said Brian Farrell, president and CEO, THQ. "We think our current share price is not a true reflection of our proven track record and outlook for future growth."
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