M&A

11 November, 2009

UPDATE 1-K-Swiss unveils $70 mln share buyback plan

* Says new buyback to replace existing 2004 plan

* To repurchase Class A stock

* New plan to compliment investments in Classic brand

Nov 11 (Reuters) - K-Swiss Inc (KSWS.O), a maker of athletic shoes, said its board approved a new $70 million repurchase program for Class A shares, replacing its existing buyback plan that expires by year-end.

The company, which sells athletic, training, and children's shoes, apparel and accessories, said the new program will compliment ongoing investments in its "Classic" brand of shoes. K-Swiss, which sells its products under the K-Swiss and Royal Elastics brands in the United States and Europe, said it has spent about $166.8 million on stock buyback programs since 1996 and bought back 25.5 million Class A shares.

The Westlake Village, California-based company's shares closed at $8.24 Tuesday on Nasdaq.

For the alerts, double-click [ID:nWNAB4370] (Reporting by Shradhha Sharma in Bangalore; Editing by Gopakumar Warrier)

Source: http://www.reuters.com