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VALLEY FORGE, Pa. — The board of directors of AmerisourceBergen has authorized a new $750 million share repurchase program.
AmerisourceBergen expects to use the new program to repurchase its outstanding shares of common stock, subject to market conditions. The company has $446.1 million remaining on its prior November 2012 authorization, bringing the total amount authorized for repurchases to $1.2 billion. To date in fiscal year 2013, which ends Sept. 30, the company has spent $401.1 million to repurchase its outstanding shares of common stock.
“Our share repurchases during fiscal year 2013 and our new program demonstrate our continued commitment to delivering long-term shareholder value,” stated Steven Collis, AmerisourceBergen president and CEO. “While our expectations for share repurchases over the next few quarters have not changed, the new authorization gives us significant longer-term flexibility.”
AmerisourceBergen may repurchase its shares from time to time for cash in open market transactions or by other means in accordance with applicable federal securities laws. The company currently has approximately 231 million common shares outstanding.
In addition, the board declared a cash dividend of 21 cents per share on common stock, payable Sept. 4, to stockholders of record at the close of business on Aug. 21.