St. Jude Medical Board of Directors Authorizes Share Repurchase
October 22 2010 - 8:00AM
Business Wire
St. Jude Medical, Inc. (NYSE:STJ), a global medical device
company, today announced that its Board of Directors has authorized
an additional share repurchase program of up to $300 million of its
outstanding common stock. This share repurchase program is in
addition to the $600 million share repurchase authorization
previously announced in association with the transaction between
St. Jude Medical and AGA Medical Holdings, Inc.
Any shares acquired in the $300 million program will be
available for general corporate purposes, including offsetting
dilution associated with stock option and other equity-based
employee benefit plans. The Company had approximately 329 million
shares of common stock outstanding as of Oct. 13, 2010.
The repurchases will occur at such times and at such prices as
the management of the Company determines and may be effected
through transactions in the open market and/or privately negotiated
transactions, including options, futures, swaps and accelerated
stock buyback contracts.
About St. Jude Medical
St. Jude Medical develops medical technology and services that
focus on putting more control into the hands of those who treat
cardiac, neurological and chronic pain patients worldwide. The
company is dedicated to advancing the practice of medicine by
reducing risk wherever possible and contributing to successful
outcomes for every patient. St. Jude Medical is headquartered in
St. Paul, Minn. and has four major focus areas that include:
cardiac rhythm management, atrial fibrillation, cardiovascular and
neuromodulation. For more information, please visit sjm.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements include the expectations, plans and prospects for the
Company, including potential clinical successes, anticipated
regulatory approvals and future product launches, and projected
revenues, margins, earnings and market shares. The statements made
by the Company are based upon management's current expectations and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include
market conditions, risks related to the Company's proposed
acquisition of AGA Medical Holdings and other factors beyond the
Company's control and the risk factors and other cautionary
statements described in the Company's filings with the SEC,
including those described in the Risk Factors and Cautionary
Statements sections of the Company's Quarterly Report on Form 10-Q
for the fiscal quarter ended April 3, 2010. The Company does not
intend to update these statements and undertakes no duty to any
person to provide any such update under any circumstance.
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