Omnicare, Inc. OCR, today announced
that its board of directors has approved an additional $350 million in share
repurchases, which brings the total available authorization of the share
repurchase program to $498 million. In addition, the board increased the
quarterly cash dividend by 100% to $0.14 per share.
Under the terms of Omnicare's share repurchase program, the Company is
authorized to repurchase up to $350 million of outstanding shares of its
common stock from time to time through December 31, 2014. In addition,
Omnicare has $148 million remaining under its existing share repurchase
program, which is effective through February 28, 2014. Taken together, the
Company has approximately $498 million of available authorization for share
repurchases as of September 11, 2012.
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