EFI to buy back $100M in stock after HQ sale
FOSTER CITY, Calif. (AP) — Digital printing company Electronics for Imaging Inc. on Tuesday said its board has approved the buyback of $100 million in shares by the end of 2013.
EFI is using cash freed up by the sale of its headquarters building in Foster City, Calif., to Gilead Sciences Inc. EFI expects the $180 million deal to close in October, but it expects to stay in the building for up to a year after that. The company plans to then move elsewhere in the San Francisco Bay area.
EFI shares rose 14 cents, or 0.9 percent, to $15.59 in morning trading Tuesday.