Electronic transaction processor and fund transfer service

Concord EFS

(CEFT)

said on Monday that its board of directors has authorized a $250 million buyback of the company's stock.

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The repurchase plan calls for the company to buy back stock from time to time on the open market or in private transactions. Company CEO Dan Palmer said, "We believe that current general market conditions and the present market valuation of our stock makes our stock an attractive investment for Concord."

Shares of Concord closed at $18.53 Friday, near their 52-week low of $17.72.