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Health Net May Buy Back Shares

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The board of health insurer says the company is strong enough to consider repurchasing some of its own common stock.

Health Net Inc., Woodland Hills, Calif., (NYSE:HNT) says it will be making any repurchases under an existing stock repurchase program that was put on hold during the economic crisis.

Health Net still has about $103 million available to buy back stock through the existing repurchase program.

“We are pleased that our board of directors has authorized a resumption of share repurchases under our stock repurchase program,” Health Net President Jay Gellert says in a statement. “The board’s action underscores our confidence about our future.”

Health Net says it could buy stock back through open market transactions, privately negotiated transactions, or accelerated share repurchase programs.