The board of directors of American Dental Partners (ADP) has approved a program for the company to repurchase up to $10 million of its common stock.
The company may repurchase shares under the program in the open market, in block trades, through privately negotiated transactions, or otherwise, according to ADP. The timing and extent of any repurchases under the program will depend upon market conditions, corporate requirements, and other factors. The repurchase program has no expiration date.
ADP said its capital allocation strategy includes reinvestment in existing operations, investment in growth opportunities, and maintenance of prudent debt levels.
ADP is affiliated with 26 dental groups, which have 273 dental facilities with approximately 2,366 operatories located in 21 states.
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