PAREXEL International Corporation Buyback
OLI recorded this information on 11/22/2016
Company:
PAREXEL International Corporation
Buyback:
PRXL buyback
$Amount Authorized:
$200,000,000
Buyback Details:
PAREXEL International Corporation (NASDAQ:PRXL), a leading global biopharmaceutical services provider, announced today that the Company entered into an accelerated share repurchase agreement (ASR) with HSBC Bank USA, National Association, to purchase shares of its common stock for an aggregate purchase price of $200 million. The Company is acquiring these shares as part of the stock repurchase plan authorized by the Board that was announced on October 26, 2016. Pursuant to the agreement, on November 23, 2016, the Company will initially receive approximately 2.8 million shares of common stock, representing 80 percent of the shares to be repurchased by the Company under the Agreement. The shares will be repurchased at a price of $57.51 per share, which was the closing price of the common stock on November 21, 2016. The total number of shares ultimately repurchased by PAREXEL under the agreement will be determined upon final settlement, using prices based generally on the volume-weighted average price of the Company's common stock over a period of time not expected to exceed six months. These shares will be cancelled and restored to the status of authorized and unissued shares.
PAREXEL International is a biopharmaceutical outsourcing services company providing clinical research, clinical logistics, medical communications, consulting, commercialization and technology products and services to the pharmaceutical, biotechnology, and medical device industries. Co.'s product and service offerings include: clinical trials management, observational studies and patient/disease registries, data management, biostatistical analysis, epidemiology, health economics/outcomes research, pharmacovigilance, medical communications, clinical pharmacology, patient recruitment, clinical supply and drug logistics, post-marketing surveillance, and medical imaging services.
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
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