Chinese web security company Qihoo 360 (NYSE:QIHU) announced yesterday that its board has approved a plan to buy back up to US$200 million of the company’s US-listed shares.
According to the announcement, the buyback may take place through the open market or via behind-closed-doors talks with shareholders.
The money for the transactions will come from the company’s existing cash reserves and future income. As of this past June, the company had nearly $US800 million in cash on its books, so financing the buyback isn’t likely to be an issue.
As of this writing, NYSE:QIHU is currently trading at $65.17 a share.