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Intuitive Surgical Inc Increases Share Repurchase Program To $1.5 Billion And Uses $500 Million to Execute Accelerated Share Repurchase


Monday, 29 Jul 2013 08:30am EDT 

Intuitive Surgical Inc announced that its Board of Directors has authorized the Company to repurchase an additional $779 million of the Company's outstanding common stock. With this authorization, the total amount available for share repurchases by the Company is approximately $1.5 billion, which includes approximately $721 million remaining from previous authorizations. In connection with this share repurchase authorization, the Company entered into an accelerated share repurchase program (the ASR Program) with Goldman, Sachs & Co., (Goldman") pursuant to which Intuitive Surgical will repurchase $500 million of its common stock from Goldman. A majority of the shares purchased under the ASR Program will be received and retired within 2 weeks. The remaining shares, if any, under the program will be received and retired by October 29, 2013, although they could be received earlier if the ASR Program is ended sooner. Additional purchases by the Company under the remaining authorization, or $1.0 billion, will depend upon market conditions and may be made from time to time in open market purchases, privately negotiated transactions, accelerated share repurchase programs, issuer self-tender offers or otherwise, as determined by the Company's management. 

Company Quote

473.33
11.7 +2.53%
24 Jul 2014