Varian to repurchase another 6 million shares of stock

Kathy Mahdoubi | | Health Imaging | Molecular Imaging

Varian Medical Systems, makers of radiation oncology technology announced Aug. 18 that the company’s board of directors authorized an additional repurchase of six million shares of common stock until December 31, 2015.

This authorization is in addition to another repurchase initiative for six million shares that began at the end of December last year and that will end Dec. 31 of this year. About 1.25 million shares are yet to be repurchased from this set.

Varian expects to start repurchasing shares from the 2014 authorization during the first few months of fiscal year 2015. Repurchases will be made over open market or in private transactions and can be made in any frequency or number of stock.

Once repurchased, shares will be effectively retired. The authorization for the repurchase of six million shares does not mean that Varian will have to repurchase all six million and could be altered at any point according to the directives of the company. 

Varian will hold an investor meeting Tuesday, Sept. 16, at the annual meeting of the American Society for Radiation Oncology (ASTRO) in San Francisco.

Kathy Mahdoubi

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