Allscripts Announces $200 Million Accelerated Share Repurchase
Allscripts Healthcare Solutions (NASDAQ: MDRX) announced an accelerated share repurchase (ASR) program totaling $200 million, partnering with JPMorgan Chase and Wells Fargo. This initiative signifies a commitment to shareholder value and reflects the company's strong liquidity and confidence in its long-term strategy. The initial share delivery is approximately 11.7 million shares, with the final number determined by the average price during the ASR term. Allscripts' remaining repurchase authorization stands at about $67 million after this action.
- Share repurchase program of $200 million enhances shareholder value.
- Initial delivery of approximately 11.7 million shares demonstrates liquidity.
- Confidence in long-term strategy suggests potential for future earnings growth.
- None.
CHICAGO--(BUSINESS WIRE)--Allscripts Healthcare Solutions (NASDAQ: MDRX) today announced that as part of its capital return program it has entered into accelerated share repurchase (“ASR”) transactions with each of JPMorgan Chase Bank, National Association and Wells Fargo Bank, National Association to repurchase an aggregate of
“The accelerated share repurchase demonstrates our commitment to delivering near-term value to our shareholders, our strong liquidity position and our confidence in the long-term strategy and earnings potential of Allscripts,” said Rick Poulton, Allscripts President and Chief Financial Officer.
Under the terms of the ASR transactions, Allscripts will receive an aggregate initial share delivery of approximately 11.7 million shares, with the remainder, if any, delivered upon completion of the transactions. The purchase price per share under each ASR transaction is expected to be based on the volume-weighted average price of Allscripts’ common stock during the term of the ASR, less a discount. The exact number of shares repurchased pursuant to each ASR transaction will be determined based on such purchase price.
The ASR transactions were entered into pursuant to Allscripts’ existing share repurchase program. Allscripts previously announced that its Board of Directors had approved a new share repurchase program under which Allscripts may purchase up to
About Allscripts
Allscripts (NASDAQ: MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes a Community: The Allscripts Blog.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. See our Annual Report on Form 10-K for 2019 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.
