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Temenos Group to launch $250M share buyback

Temenos Group AG is set to launch a $250 million share buyback program after securing approval from the Swiss Takeover Board for the transaction.

The Swiss banking software company said May 22 that it will repurchase up to 2.1 million shares, representing 2.96% of the company's registered share capital. The offer period runs from May 23, 2018, to Dec. 30, 2019.

The company said it will use the repurchased shares for potential transactions and or future stock ownership plans for employees. It announced the buyback April 20 as it said it would not match an offer for U.K.-based Fidessa Group Plc from Ireland's Ion Investment Group Ltd.