Merck Board Declares Dividend And Approves $2 Billion Treasury Stock Purchase Program

Business Wire, Nov 22, 1994

WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--November 22, 1994-- The Board of Directors of Merck & Co., Inc., in two separate actions today, declared a quarterly dividend of 30 cents a share and approved a new $2 billion treasury stock purchase program.

The Board declared a quarterly dividend of 30 cents a share on the Company's common stock for the first quarter of 1995. The 30-cent dividend is payable January 2, 1995 to stockholders of record at the close of business on December 8, 1994.

The Board of Directors of Merck & Co., Inc. today also approved purchases over time of up to an additional $2 billion of its common stock for its treasury.

The Company is currently completing purchases under a January 1993, $1 billion authorization. The Company purchased $371 million of shares from January 1993 through July 1993 when the program was suspended as a result of the acquisition of Medco Containment Services, Inc. Purchases were resumed in September 1994. Under prior approvals during the period 1985 through 1992, the Company spent $3.7 billion to acquire 196 million shares of its stock on the open market. Merck currently has approximately 1,258 million shares outstanding.

Treasury stock purchases will be made on the open market in block transactions and in privately negotiated transactions. Purchases may be suspended from time to time or discontinued. Shares acquired will be available for use under the Company's employee benefit programs and for other general corporate purposes.

Merck & Co., Inc. is a worldwide research-intensive company that discovers, develops, produces, and markets human and animal health products and services. Its Medco unit is the leading pharmacy benefits management company. Last year, Merck invested more than $1.2 billion in pharmaceutical research and development. Merck is headquartered in Whitehouse Station, N.J.

CONTACT: MERCK & CO., INC.

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