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Varian Medical Systems Board of Directors authorized the company to repurchase an additional 8 million shares of its common stock

Varian Medical Systems , Inc. announced that its Board of Directors has authorized the company to repurchase an additional 8 million shares of its common stock during a period commencing immediately and extending through September 30, 2011.  Stock repurchases will be made in the open market, in privately negotiated transactions, or in Rule 10b5-1 share repurchase plans, and may be made from time to time or in one or more larger blocks.  

The repurchase program will be conducted in compliance with the Securities and Exchange Commission's (SEC) Rule 10b-18 and applicable legal requirements and the timing of the repurchases and the number of shares to be repurchased at any given time will depend on market conditions, SEC regulations, and other factors.  The program does not obligate the company to acquire any particular amount of common stock and the program may be modified or suspended at any time at the company's discretion.

As of the end of the company's fiscal third quarter on July 2, 2010, the company had repurchased 3.7 million shares of stock under a 5 million share repurchase authorization that was approved by the board in November of 2009 with an expiration of December 31, 2010.  Since initiating share repurchase authorizations at the end of fiscal year 2001, the company has spent $1.8 billion to repurchase 43 million shares of common stock at an average price of $41.41 per share.

Source: Varian Medical Systems