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news.The board of directors of LifePoint Hospitals has authorized a share repurchase program of up to $150 million of the company's common stock over the next 12 months.
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The company, which had approximately 58.1 million shares of common stock outstanding as of September 30, 2007, is not obligated to repurchase any specific number of shares under the program. Based on the November 26, 2007 closing price, approximately 5.1 million shares, or 9% of the company’s shares outstanding, could be repurchased for $150 million.
Purchases under the program may be funded with a portion of the company’s cash on hand, cash generated from operations and funds available under the company’s amended and restated credit facility.
William Carpenter III, president and CEO of LifePoint Hospitals, said: “We are pleased to announce this new authorization, our second in the past five years. This latest action underscores our long-term commitment to enhancing stockholder value.”