VENLO (dpa-AFX) - Qiagen NV (QGEN) announced Wednesday that its shareholders approved a proposal to return approximately $250 million in cash to shareholders through a synthetic share repurchase plan that combines a direct capital repayment with a reverse stock split.
The capital repayment forms part of a commitment announced in July 2016 to return $300 million to shareholders by the end of 2017.
The company noted that following the announcement of the synthetic share repurchase plan in August 2016, shareholders at an Extraordinary General Meeting approved all three proposals to amend the Company's Articles of Association to allow for an adjustment in QIAGEN's share capital in order to complete the related capital repayment.
The transactions are expected to be completed in early January 2017 following the expiration of a two-month creditor objection period, which is required by Dutch law.
Copyright RTT News/dpa-AFX