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Amgen plans to buy back up to $5B of its shares
The Associated Press

02:45:35PM (ET) Monday,November 7,2011.

THOUSAND OAKS, Calif. (AP) — Biotech drugmaker Amgen said Monday that it plans to buy back up to $5 billion of its stock in a modified Dutch auction tender offer.

The Thousand Oaks, Calif., company will purchase the shares for between $54 and $60 each. Two credit ratings agencies, Moody's and Fitch, lowered their ratings on Amgen Inc. debt after the buyback announcement.

But Amgen shares climbed $2.46, or 4.5 percent, to $57.63 in late morning trading.

The modified Dutch auction tender offer allows shareholders to state the amount of shares they wish to tender and the price they are willing to pay within the company's range. Amgen then will determine the lowest per-share price that enables it to buy $5 billion in stock.

It will pay the same price for all shares purchased in the offer, so it may buy some stock at a higher price than the shareholder indicated. But the company said it will not make purchases from a shareholder at a price lower than the stockholder indicated he or she wanted.


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Coincidence ?
Good timing on the shares buy backs...

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