St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced that its Board of Directors has authorized an additional share repurchase program of up to $300 million of its outstanding common stock. This share repurchase program is in addition to the $600 million share repurchase authorization previously announced in association with the transaction between St. Jude Medical and AGA Medical Holdings, Inc.
Any shares acquired in the $300 million program will be available for general corporate purposes, including offsetting dilution associated with stock option and other equity-based employee benefit plans. The Company had approximately 329 million shares of common stock outstanding as of Oct. 13, 2010.
The repurchases will occur at such times and at such prices as the management of the Company determines and may be effected through transactions in the open market and/or privately negotiated transactions, including options, futures, swaps and accelerated stock buyback contracts.