Smith & Nephew PLC (SNN,SN.L), a medical technology company, said on Friday that it has inked a deal with Merrill Lynch International to repurchase up to $250 million of shares at $0.20 per share as part of the first tranche of the share repurchase drive.
This first tranche will commence on May 8 and will end no later than September 7.
The purpose of the program is to reduce Smith & Nephew's issued share capital.
Smith & Nephew will repurchase the shares acquired by Merrill Lynch International.
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