Centene Corporation Announces Stock Repurchase Program
November 07 2005 - 3:22PM
Business Wire
Centene Corporation (NYSE: CNC) today announced that its Board of
Directors has authorized the repurchase of up to 4,000,000 shares
of the Company's common stock from time to time on the open market
or through privately negotiated transactions. The repurchase
program will be funded using Centene's working capital and
borrowings under the Company's bank credit facility. Michael F.
Neidorff, Centene's Chairman and Chief Executive Officer, stated,
"Our Board of Directors determined that a stock buyback is in the
best interest of our shareholders. This action is reflective of
Centene's ongoing confidence in our underlying medical cost trends
and short- and long-term growth prospects. Furthermore, the
flexibility of the program will ensure that future share
repurchases will not hinder our ability to conclude acquisitions
and achieve our goal of building a leading multi-line managed care
enterprise." The timing and amount of any shares repurchased will
be determined based on Centene's evaluation of market conditions
and other factors. The repurchase program extends through October
31, 2007 but the Company reserves the right to suspend or
discontinue the program at anytime. Any repurchased shares of
Centene stock will be available for use in connection with the
Company's stock plans and for other corporate purposes. About
Centene Corporation Centene Corporation provides multi-line managed
care programs and related services to individuals receiving
benefits under Medicaid, including Supplemental Security Income
(SSI) and the State Children's Health Insurance Program (SCHIP).
The Company operates health plans in Indiana, Kansas, Missouri, New
Jersey, Ohio, Texas and Wisconsin. In addition, the Company
contracts with other healthcare organizations to provide specialty
services including behavioral health, disease management, nurse
triage and treatment compliance. Information regarding Centene is
available via the Internet at www.centene.com.
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