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Financial News Network
June 27, 2011 AT 11:41 PM
LDK Solar Co (NYSE:LDK) announced today that its board of directors has approved a $110 million share buyback program.The program authorizes the company to purchase up to $110 million of its American Depositary Shares in the open market or through privately negotiated transactions.Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar, commented, "We remain confident in our current outlook as well as the long-term prospects for our business. However, we believe our ADSs are currently grossly undervalued. We believe our share buyback program not only represents a good investment for our company, but also demonstrates our commitment to enhance shareholder value."LDK Solar has a potential upside of 80.6% based on a current price of $6.81 and an average consensus analyst price target of $12.3.