NEW YORK (GenomeWeb News) – Danaher today said that its board of directors has approved a two-for-one split of its common stock, as well as a share repurchase program.
The diversified firm, which owns businesses including AB Sciex, Molecular Devices, and Leica Microsystems, said the split will be effected through a stock dividend payable on June 11 to shareholders of record on May 25. Shareholders will receive one additional share of common stock for each share of common stock held.
Following the consummation of the stock split, Danaher also will pay a cash dividend of $.02 per share on July 30 to shareholders of record on June 25.
In addition, Danaher's board of directors has authorized the repurchase of up to 10 million shares of the firm's common stock, or 20 million shares post-split. It said that this repurchase plan replaces a repurchase program approved in April 2005.
In Wednesday afternoon trade on the New York Stock Exchange, shares of Danaher were up 3 percent at $86.66.
Danaher currently has around 324.7 million shares outstanding and a market capitalization of roughly $28.1 billion.