Arctic Cat Inc bought back about a 33 percent stake that Suzuki Motor Corp held in the snowmobile maker for $79.3 million, sending its shares up 26 percent on Wednesday.The buyback of class B shares reduces the company's outstanding shares from 18.4 million to 12.3 million, Arctic Cat said in a statement.Suzuki has been a major shareholder in Arctic Cat since 1988 and supplies engines for the company's snowmobiles.Suzuki's representative has also resigned from Arctic Cat's board of directors, the company said.
Arctic Cat Inc. (Arctic Cat) designs, engineers, manufactures and markets snowmobiles and all-terrain vehicles (ATVs) under the Arctic Cat brand name, as well as related parts, garments and accessories. Shares of ACAT traded higher by 20.22% or $3.84/share to $22.83. In the past year, the shares have traded as low as $11.55 and as high as $22.12. On average, 115557 shares of ACAT exchange hands on a given day and today's volume is recorded at 504526.
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