LabCorp board approves $500 million stock repurchase program, to buy $250 million immediately

By E. Janene Geiss

Philadelphia, Dec. 7 - Laboratory Corp. of America Holdings said Wednesday that its board authorized a $500 million share repurchase program.

The company said it plans to repurchase about 4.8 million shares of the company's common stock for $250 million under an overnight agreement providing for the immediate purchase of the shares.

The repurchase will be financed through borrowings under LabCorp's senior credit facility.

The new program is in addition to LabCorp's previously announced stock repurchase program.

Company officials that the repurchase is consistent with its goal of making investments with the company's cash resources that enhance shareholder value.

LabCorp, based in Burlington, N.C., is the second largest independent laboratory company in the United States based on 2004 net revenues.

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