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Varian Medical Systems Board of Directors Authorizes Repurchase of Additional 12 Million Shares of Stock Through Fiscal Year 2012; Additional Accelerated Share Repurchase Program
Date:2/14/2011

PALO ALTO, Calif., Feb. 14, 2011 /PRNewswire/ -- Varian Medical Systems, Inc. (NYSE: VAR) today announced that its Board of Directors has authorized the company to repurchase an additional 12 million shares of its common stock through the end of its fiscal year 2012.  Stock repurchases may be made in the open market, in privately negotiated transactions (including accelerated share repurchase programs), or in Rule 10b5-1 share repurchase plans, and may be made from time to time or in one or more larger blocks.  These repurchases are in addition to the approximately 4.5 million shares remaining under an 8 million share repurchase authorization that expires at the end of the company's fiscal year 2011.  

The company's Board of Directors further authorized the company to enter into an accelerated share repurchase program under which the company could repurchase up to $300 million of its common stock.  The accelerated share repurchase is expected to be made under the company's share repurchase authorization expiring at the end of fiscal year 2011, and potentially under the new authorization expiring at the end of fiscal year 2012.  Details regarding the accelerated share repurchase program are yet to be determined.

Share repurchases will be conducted in compliance with applicable legal requirements, including the Securities and Exchange Commission's (SEC) Rule 10b-18, and the timing of the repurchases and the number of shares to be repurchased at any given time will depend on market conditions, SEC regulations, and other factors.  The repurchase authorizations and the accelerated share repurchase program do not obligate the company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time at the company's discretion.

Varian Medical Systems, Inc., of Palo Alto, California, is the world's lea
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SOURCE Varian Medical Systems
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