My guess (and it's just a guess) is that they are looking to do a good-sized acquisition. That's sort of how it sounded to me in the earnings call. They have all these tax losses available to be used, so they were kind of mulling their option of buybacks vs acquisition to use the tax losses. It sounded to me like they were leaning toward acquiring something. Then they filed the shelf. I'm guessing they're looking at buying something more expensive than the cash currently have (approx 200m).
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