Centene (NYSE: CNC) disclosed that its Board of Directors authorized the repurchase of up to $500 million of shares of the Company's common stock (the “Increased Repurchase Amount”). Under the Increased Repurchase Amount, the Company may use some or all of the proceeds from divestitures related to the WellCare acquisition to repurchase shares. With the Increased Repurchase Amount, the Company will be able to repurchase shares or pay down debt with the divestiture proceeds, at its election. The number of shares authorized will be calculated based on the price per share of Centene’s common stock as of the date of such divestitures.

The authorization to repurchase $500 million of common stock is in addition to the previously approved stock repurchase program which authorized the repurchase of up to 16.0 million shares of common stock (of which 6.7 million shares remain as of today).