08 Feb. 2011
WILMINGTON, N.C., (February 8, 2011) - PPD, Inc. (Nasdaq: PPDI) today announced it intends to enter into an accelerated share repurchase (ASR) agreement with Barclays Capital Inc. under which PPD will repurchase shares of its common stock. These repurchases will be made pursuant to PPD's previously announced $350 million stock repurchase program, of which approximately $260 million remains available.
"Our accelerated share repurchase program is part of a balanced and disciplined strategy to return capital to our shareholders," said Dan Darazsdi, chief financial officer of PPD. "This program demonstrates our financial strength and reflects our confidence in the future outlook of PPD."
PPD will pay an aggregate of approximately $200 million to Barclays from existing cash on hand to repurchase a number of shares that will be based generally on the volume-weighted average share price of PPD common stock over a valuation period, subject to a floor and cap provision that will establish a minimum and maximum number of repurchased shares. Under the ASR agreement, the majority of the shares to be repurchased are expected to be retired during the first quarter of 2011.