Alere board approves stock buyback
WALTHAM — Alere Inc., a medical diagnostics company, said yesterday that its board authorized an initial repurchase of up to $50 million in common or preferred stock.
Shares will be repurchased on the open market or in privately negotiated transactions, the Waltham company said.
Alere’s amended senior secured credit agreement permits repurchases of up to $200 million.
Financial covenants under the indentures governing Alere’s outstanding senior and senior subordinated notes allow repurchases up to about $140 million.