rolled out a $50 million share repurchase program just a day after two big holders set plans to sell a big raft of stock.
The East Greenville, Pa., office furniture concern said it will start the buyback in the second quarter.
"As a result of our reduced leverage and improved financial performance we are pleased to be initiating this stock repurchase program," CEO Andrew Cogan said. "Taken together with our recently doubled dividend and our previously announced buyback program authorizing the use of options proceeds to repurchase shares we continue to be proactive in seeking ways to create value for our stockholders."
Repurchases won't start until after completion of the 10.3 million-share secondary offering Knoll
announced Thursday. Those shares are valued at more than $170 million at recent prices.
On Friday, shares of Knoll fell 8 cents to $16.91.