Foundation Health Corp. expands stock repurchase program authorization to 5.7 million shares.RANCHO CORDOVA, Calif.--(BUSINESS WIRE)--Jan. 30, 1995-- Foundation Health Corp. (NYSE NYSE See: New York Stock Exchange : FH) Monday announced that it has expanded its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program to allow the company to repurchase up to 5.7 million of its outstanding shares. There were 56,933,461 shares outstanding at Dec. 31, 1994. "We believe that the value of this rapidly growing diversified managed care organization with its integrated products and innovative health care delivery systems is not reflected in the current stock price," said Daniel D. Crowley, president and chief executive officer of Foundation Health Corp. "Repurchase of the company's shares represents an ideal way to enhance value for our existing shareholders." Under the repurchase program, shares may be purchased on the open market or in private transactions from time to time at prices deemed appropriate by management and subject to market conditions and other relevant factors. Foundation Health Corp. is an integrated, multi-state managed care organization with headquarters in Rancho Cordova. Through its HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, and insured PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there subsidiaries the company provides group, individual, Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. coverage for more than one million individuals. In addition, the company's subsidiaries offer managed care products related to workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , behavioral health, dental, vision and prescription drugs, government-sponsored managed care programs and administrative services for medical groups and self-funded benefits programs. CONTACT: Foundation Health Corp. Jeffrey L. Elder, 916/631-5381 Kurt Davis, 916/631-5288 |
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