Thoratec (THOR) Announces $150M Stock Buyback; $75M Accelerated
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Thoratec Corp (NASDAQ: THOR) announced today that its Board of Directors has authorized the repurchase of up to $150 million of the company's shares of common stock. The company's prior authorization expired in early November.
As part of the new authorization, the company has entered into a $75 million Accelerated Share Repurchase (ASR) agreement with J.P. Morgan, which will begin immediately. The balance of the authorization will be available for utilization at the company's discretion through the end of 2013.
Under the ASR agreement, Thoratec will receive approximately 1.5 million shares at the inception of the program.
As part of the new authorization, the company has entered into a $75 million Accelerated Share Repurchase (ASR) agreement with J.P. Morgan, which will begin immediately. The balance of the authorization will be available for utilization at the company's discretion through the end of 2013.
Under the ASR agreement, Thoratec will receive approximately 1.5 million shares at the inception of the program.
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