Maximus ends review process, to repurchase shares

By Lisa Kerner

Charlotte, N.C., Nov. 14 - The board of directors of Maximus, Inc. completed the strategic review process first announced on July 23.

As a result, the board decided to:

• Launch a $150 million accelerated share repurchase program;

• Focus on the company's core health and human services offerings; and,

• Consider alternatives for certain non-core assets.

Maximus will fund the share repurchase with cash on hand. The company has about $40 million available under its previously authorized share repurchase program. This program is expected to resume after the accelerated share repurchase is completed.

"The company, working with its financial advisors UBS, undertook an extensive process reviewing all possible alternatives, including a potential sale of Maximus," chairman Peter Pond said in a company news release.

"While there was a substantial amount of interest among various parties with all options under consideration, the process was impacted largely by eroded capital market conditions and we ultimately concluded that remaining an independent public company was the best option for all our constituencies."

Maximus is a Reston, Va., provider of government services, including program management, consulting and information technology services.

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