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Stock Market & Financial Investment News

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March 1, 2013
08:02 EDTSYKStryker announces $250M accelerated share repurchase program
Stryker Corporation announced it has entered into an Accelerated Share Repurchase agreement with JPMorgan Chase Bank, NA to repurchase an aggregate of $250M of the Company's common stock. The ASR is part of the Company's existing share repurchase authorization that was increased by the Board of Directors to $1.0B in December 2012. Under the ASR agreement, Stryker will receive approximately 3.6M shares at the inception of the ASR. The total number of shares ultimately repurchased under the agreement will be determined upon the final settlement, using prices based generally on the average of the daily volume-weighted average price of the Company's common stock over a period of time expected to end in the first half of 2013. The ASR will be funded through existing cash on hand. The ASR will reduce the Company's existing share repurchase authorization to approximately $750M at the final settlement of the agreement.
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