Building materials group Kingspan is to buy back up to 10 per cent of the company's shares at a cost of up to €101.4 million.
The board this morning announced its intention to buy back a maximum of 17.1 million shares following a significant decline in its market value.
The Cavan-based company said it remained "actively engaged" in pursuing acquisitions worth around €100 but cautioned that the no buys were certain. .
Kingspan has seen its share price on the Irish Stock Exchange fall by 71 per cent in the past year.
At its AGM last month the company, which makes materials ranging from insulation board to timber frames, said trading in the first four months of this year had been "more challenging than in recent times".
It also warned of an "appreciable" fall in profit this year, as growth slows in the UK and Ireland, raw material costs rise and the strong euro reduces overseas earnings.