A Medical Device Daily
Aflac (Columbus, Georgia) reported that it will take early delivery of 10.7 million common shares that were acquired through a previously disclosed repurchase agreement. The company also will receive $141.8 million of unused funds. This will bring the total number of shares Aflac has repurchased in 2008 to 23.2 million.
"Given the uncertainties in the marketplace, we felt it was best to take early delivery of the shares and terminate the agreement at this time," said Chairman/CEO Daniel Amos. However, we still believe that repurchasing our shares is the best use of excess capital, and we will continue to purchase our shares in a way that is consistent with our financial objectives.
Aflac, through its subsidiaries, engages in the sale of supplemental health and life insurance in the U.S. and Japan.
Metropolitan Health Networks (West Palm Beach, Florida), a provider of healthcare services to patients in Florida, reported that its board has authorized the repurchase of up to 10 million shares of the company's outstanding common stock.
"Over the course of the past five years, we have demonstrated our ability to grow our business and generate significant capital," said Chairman/CEO Michael Earley. "We are confident that Metropolitan, with its strong balance sheet, can concurrently invest in growth programs that will be the key to our future success while taking steps to enhance returns and deliver financial performance for our shareholders."
The number of shares to be repurchased and the timing of the purchases will be at the discretion of the company's management and will be influenced by a number of factors, including the prevailing market price of the stock, other perceived opportunities that may become available to the company and regulatory requirements.