PARIS, Aug 28 (Reuters) - Altice , the acquisitive telecoms and cable group founded by billionaire Patrick Drahi, announced a 1 billion euros ($1.2 billion) share buyback program and said it would continue to examine takeover opportunities.
Altice said on Monday that the share buyback formed part of its general strategy to boost shareholder returns and reflected its confidence in meeting its near-term financial targets, with Altice also reiterating its 2017 financial guidance.
"Going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A (mergers and acquisitions) opportunities or further shareholder returns," the company said in a statement.
Sources told Reuters earlier this month that Altice NV and its U.S. cable division were in the early stages of working on an offer to buy Charter Communications.
($1 = 0.8386 euros) (Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)