VENLO, The Netherlands, January 18, 2017 /PRNewswire/ --
QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) (the "Company") today announced details for completion of a synthetic share repurchase plan that combines a direct capital repayment with a reverse stock split. The capital repayment forms part of a commitment announced in July 2016 to return $300 million to shareholders by the end of 2017.
The synthetic share repurchase, which was announced in August 2016 and approved in October 2016 at an Extraordinary General Meeting of Shareholders, involves an approach used by various large, multinational Dutch companies as an efficient way to provide returns to all shareholders, and to do so in a faster and more efficient way than through a traditional open-market share repurchase program. Following the receipt of shareholder approval for the transaction, the Company observed a two-month creditor objection period as required under Dutch law.
The terms of the synthetic share repurchase are as follows: every 27 issued QIAGEN shares will be consolidated into 26 QIAGEN shares and following the implementation of the consolidation, the Company will issue to its shareholders a capital repayment of $1.04 per pre-split share held by each shareholder (which is equivalent to €0.9752 (*) per pre-split share based on today's ECB foreign exchange reference rate).
Click here for full press release
Dr. Thomas Theuringer
SOURCE QIAGEN N.V.