05:51 PM EDT, 04/09/2024 (MT Newswires) -- Turtle Beach ( HEAR ) said late Tuesday its board has decided to increase its share repurchase program by $30 million while shelving its plans to launch a tender offer for up to $30 million of its shares.

The gaming accessory maker said the move was due to the "overwhelmingly positive" reaction to its recent acquisition of Performance Designed Products and the strong underlying trading price of its stock.

Turtle Beach ( HEAR ) said the balance remaining for the repurchase program, including the increased authorization, is $46.6 million.

The company's shares were down more than 4% in after-hours activity.

Price: 15.95, Change: -0.73, Percent Change: -4.38