Smith & Nephew (SNN) Completes Gynaecology Business Divestiture; Commences Stock Buyback Plan
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Smith & Nephew (NYSE: SNN) announces that it has completed the divestiture of its Gynaecology business to Medtronic plc (NYSE: MDT) for $350 million.
The planned sale of our Gynaecology business demonstrates our disciplined strategic approach to capital deployment. Our shareholders will benefit directly through a $300 million share buy-back programme. The divestment is expected to be broadly neutral to adjusted earnings per share ('EPSA') in 2017, after the share buy-back, and to reduce EPSA by less than 1.0¢ in 2016.
The maximum pecuniary amount allocated to the buy-back programme is $300 million and the maximum number of shares that will be purchased is estimated to be 18.3 million1 based on the prevailing share price and GBP/USD exchange rate. The buy-back programme, the purpose of which is to reduce the Company's share capital, commences today and will end no later than 31 March 2017.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Axis Capital (AXS) Approves $1B Buyback of Common Shares
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- Renasant Corp. (RNST) Reports Termination of FDIC Loss Share Agreements
Create E-mail Alert Related CategoriesCorporate News, Spinoffs, Stock Buybacks
Related EntitiesStock Buyback, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!