Edwards Lifesciences’ board of directors has authorized a new share repurchase program to acquire up to $250 million of the company's outstanding common shares.
In June, Edwards completed a $250 million share repurchase program that was approved in September 2007. Approximately 2.7 million shares were issued in response to the call for redemption by the company of its $150 million convertible debenture.
During the second quarter of 2008, the Irvine, Calif.-based company said it had repurchased 2.3 million shares for approximately $135 million, partially offsetting the issuance of the shares.
During the first half of 2008, Edwards repurchased a total of 4.6 million shares for approximately $235 million. As of June 30, the company had approximately 56.2 million shares of common stock outstanding.
The company said it may repurchase shares in the open market or in privately negotiated transactions. The timing and extent of any repurchase will depend upon market conditions, corporate requirements and other factors.