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Qiagen Details $250M Synthetic Share Repurchase Plan

NEW YORK (GenomeWeb) – Qiagen on Wednesday disclosed details for the completion of an approximately $250 million synthetic share repurchase plan that combines a direct capital repayment with a reverse stock split.

Qiagen announced the share repurchase in August. It involves an approach used by various large, multinational Dutch companies to provide returns to all shareholders faster and more efficiently than a traditional open-market share repurchase, Qiagen noted.

Under the terms of the repurchase, every 27 issue Qiagen shares will be consolidated into 26 Qiagen shares. Following the implementation of the consolidation, Qiagen will issue to its shareholders a capital repayment of $1.04 per pre-split share held by each shareholder.

The last day of trading of the pre-split shares on Nasdaq and the Frankfurt Stock Exchange will be Jan. 24. Beginning on Jan. 25, the consolidated Qiagen shares, excluding the entitlement to the capital repayment, will start to trade on Nasdaq and the Frankfurt Stock Exchange under the company's current ticker symbols QGEN and QIA, respectively.

Qiagen noted that the synthetic share repurchase is part of a commitment announced by the company in July 2016 to return $300 million to shareholders by the end of 2017.

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