SonoSite gets board OK to buy back $150 million of convertibles, stock

By Angela McDaniels

Tacoma, Wash., Jan. 11 - SonoSite Inc.'s board of directors has authorized the company to repurchase up to $150 million of its outstanding convertible notes or common stock for cash, according to a company news release.

In connection with the repurchase authorization, the company will purchase up to $100 million of common stock through a modified Dutch auction tender offer that is expected to begin during the week of Jan. 18.

The purchase price will be between $26.10 and $30.00 per share. These prices represent a 0% and approximately 15% premium, respectively, to the closing price of $26.10 (Nasdaq: SONO) on Jan. 8.

SonoSite makes hand-carried ultrasound systems and is based in Bothell, Wash.

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