VESTAR ANNOUNCES STOCK REPURCHASE PROGRAM
VESTAR ANNOUNCES STOCK REPURCHASE PROGRAM SAN DIMAS, Calif., Aug. 26 /PRNewswire/ -- Vestar Inc.
(NASDAQ: VSTR) today announced that it is initiating a limited stock repurchase program. Purchases of the company's common stock will be made from time to time in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The company stated that it believes that the institutional component of its stockholder base, coupled with a relatively small float in the stock, at times creates imbalances that can be unsatisfactory for both the buyer and seller.
The company stated that it has significant cash reserves and is generating positive cash flow from operations and believes that its participation in the market from time to time can be beneficial to stockholders without infringing with the company's previously declared plans for expansion of manufacturing capacity and seeking opportunities to acquire complementary products, technologies or companies. In addition, Roger J. Crossley, M.D., president and chief executive officer, added, "the current price of the company's stock provides a very attractive opportunity for the company to accumulate stock in its treasury. The purchases made under this program will be held in treasury for future corporate use." Vestar, headquartered in San Dimas, develops, manufactures and markets pharmaceuticals to treat patients with cancer and serious infections, including AIDS. Among the company's proprietary drug delivery technologies are liposomes to encapsulate pharmaceuticals and lipid prodrug technology for the development of orally active compounds. Since 1989, Vestar has been marketing in Europe AmBisome(R), a liposomal formulation of amphotericin B, to treat systemic fungal infections. DaunoXome(R), a liposomal formulation of the chemotherapeutic agent daunorubicin, is in development as Vestar's second major product. -0- 8/26/92 R /CONTACT: Michael E. Hart, CFO of Vestar, 714-394-4119; or Marcia Kean, executive VP of Feinstein Partners, 617-577-8110, for Vestar/ (VSTR) CO: Vestar Inc. ST: California IN: MTC SU:
LS-BP -- LA006 -- 3402 08/26/92 11:03 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 26, 1992|
|Previous Article:||FLEETWOOD ANNOUNCES HIGHER FIRST QUARTER EARNINGS|
|Next Article:||NEW, IMPROVED XIRCOM NETWORK SIMPLICITY(TM) FEATURES ENHANCED PERFORMANCE WITH NETWARE LITE, VERSION 1.1|