This excerpt taken from the CVS 8-K filed Nov 5, 2009.
REPURCHASE PROGRAM FOR UP TO $2 BILLION OF COMMON STOCK
WOONSOCKET, RHODE ISLAND, November 5, 2009 - CVS Caremark Corporation (NYSE: CVS) today announced that its Board of Directors has approved a new share repurchase program for up to $2.0 billion of its outstanding common stock. The share repurchase authorization, which is effective immediately and expires at the end of 2011, permits the Company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions and/or accelerated share repurchase transactions.
Dave Rickard, Executive Vice President and Chief Financial Officer of CVS Caremark, stated: Were very pleased with the Boards approval of this new share repurchase program and believe it reflects well-placed confidence in the future growth of CVS Caremarks business and an ongoing commitment to increase shareholder value.
There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The share repurchase program may be modified, extended or terminated by the Board of Directors at any time.