This excerpt taken from the UNH 8-K filed Dec 19, 2006.
MINNEAPOLIS (May 2, 2006) UnitedHealth Group (NYSE: UNH) announced today that its Board of Directors has renewed its Stock Repurchase Program under which up to 140 million shares of the Companys common stock may be repurchased. As of March 31, 2006, the Company had approximately 1.4 billion shares of common stock outstanding. The Board views the Stock Repurchase Program as an important tool in the continued creation of shareholder value, given the current and future prospects for UnitedHealth Groups businesses.
This action represents the seventh renewal of the continuing Share Repurchase Program initiated in November 1997. Under the program, the Company has repurchased an aggregate of approximately 880 million shares for an aggregate cost of $15.8 billion and a weighted average cost of $18 per share, on a split-adjusted basis. Share repurchases have totaled more than 36 million shares to date in 2006.
UnitedHealth Group said that such purchases may be made from time to time at prevailing prices in the open market, by block purchase or in private transactions and may be discontinued at any time. The repurchases will be subject to restrictions relating to volume, price and timing. The repurchased shares will be available for reissue pursuant to employee stock option and purchase plans and for other corporate purposes. The company will fund repurchases with internally generated funds and existing financing capacity.
About UnitedHealth Group
UnitedHealth Group (www.unitedhealthgroup.com) is a diversified health and well-being company dedicated to making health care work better. Headquartered in Minneapolis, Minn., UnitedHealth Group offers a broad spectrum of products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, Uniprise, Specialized Care Services and Ingenix. Through its family of businesses, UnitedHealth Group serves approximately 70 million individuals nationwide.
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