Inteliquent (NASDAQ: IQNT), a leading provider of global interconnection and interoperability solutions, today announced that its Board of Directors has declared a special one-time cash dividend of $3.00 per share, or approximately $97 million in the aggregate. The dividend will be funded with available cash on hand.
The payment date for the special one-time cash dividend is October 30, 2012. At $3.00 per share, the dividend represents approximately 33% of the Company’s closing stock price onOctober 3, 2012.
First Call analysts have a consensus Hold recommendation with a 2.9 stock rating. The mean 12-month price target is $13.
Recently, Inteliquent announced certain changes to its management team. Surendra Saboo, the Company’s President and Chief Operating Officer, informed the Company of his decision to step down as President and Chief Operating Officer effectiveOctober 1, 2012. In addition, Robert M. Junkroski, the Company’s Chief Financial Officer, informed the Company of his decision to step down as Chief Financial Officer effectiveOctober 1, 2012. It is anticipated that Dr. Saboo and Mr. Junkroski will remain employed with the Company until November 1, 2012 to assist with the transition of their responsibilities.