Varian Medical Systems (VAR) Approves 8M Share Common Stock Buyback Plan

Varian Medical Systems, Inc. (NYSE: VAR) announced that its board of directors has authorized the company to repurchase an additional 8 million shares of its common stock, commencing on January 1, 2017. Stock repurchases may be made in the open market, in privately negotiated transactions including accelerated share repurchase programs, or in Rule 10b5-1 share repurchase plans, and also may be made from time to time or in one or more larger blocks. The company has 4 million shares remaining in an existing 8 million share repurchase authorization that ends on December 31, 2016.

Share repurchases will be conducted in compliance with applicable legal requirements, including the Securities and Exchange Commission's (SEC) Rule 10b-18, and the timing of the repurchases and the number of shares to be repurchased at any given time will depend on market conditions, SEC regulations, and other factors. Shares will be retired upon repurchase. The repurchase authorization does not obligate the company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time at the company's discretion.

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