Allscripts (MDRX) Approves $200M Common Stock Buyback
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Allscripts Healthcare Solutions (NASDAQ: MDRX) announced today that its Board of Directors has approved a new stock repurchase program under which Allscripts may purchase up to $200 million of its common stock through December 31, 2019.
The new stock repurchase program supersedes the previously existing stock repurchase program, which authorized Allscripts to repurchase $150 million of its common stock through December 31, 2018. Under the prior program, Allscripts repurchased 8.1 million shares or approximately $97 million of shares of common stock.
Under the new program, Allscripts could repurchase approximately 18.4 million additional shares, or approximately 10 percent of the company's outstanding shares as of October 30, 2016 based on the November 17, 2016 closing price.
"Extending and expanding Allscripts share repurchase program reflects our ongoing commitment to enhance shareholder value," said Melinda Whittington, Allscripts Chief Financial Officer. "The new program represents an attractive component of our capital deployment strategy and our continued confidence in Allscripts long-term growth prospects and free cash flow generation potential.”
Allscripts plans to repurchase shares from time to time in the open market or in privately negotiated transactions, subject to market conditions. There is no guarantee as to the exact number of shares or value that will be repurchased under the stock repurchase program, and Allscripts may discontinue purchases at any time. Whether Allscripts makes any repurchases will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of Allscripts shares, and other factors that management considers relevant.
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