PALO ALTO, Calif.; June 14, 2004 Varian Medical Systems, Inc.(NYSE: VAR) today announced that its board of directors has declared a 2-for-1 stock split in the form of a 100 percent stock dividend on the company's outstanding common stock. Holders of the company's common stock will receive one additional share of common stock for every share of common stock they own.
The dividend will be paid on July 30, 2004, to stockholders of record on June 30, 2004. After the stock dividend, Varian Medical Systems will have approximately 136.2 million shares of stock outstanding. The board declared the stock dividend on Friday, June 11, following a special meeting of the company’s stockholders who voted to increase the number of authorized shares of common stock by 90 million shares to a total of 189 million shares.
“This stock dividend reflects management confidence in the continued growth prospects of our company,” said Richard M. Levy, chairman and CEO of Varian Medical Systems. “We expect it will enhance market interest in Varian Medical Systems and increase the liquidity of the stock.”
Varian Medical Systems’ board also amended its November 12, 2003, authorization to repurchase 3 million shares to reflect the effect of the stock dividend on shares that remain available for purchase at the payable date. Before adjusting for this stock dividend, the company now has approximately 2 million shares remaining on the current repurchase authorization that extends through August 31, 2005.
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