Shares of Catamaran Corp. surged more than 5 percent in afternoon trading on Thursday after the Lisle-based company declared a 2-for-1 stock split.
Catamaran, which changed its name in July from SXC Health Solutions Inc., said shareholders of record on Sept. 20 will receive an additional share of Catamaran for each share they already own on Oct. 1.
The pharmacy benefit manager, one of Chicagoland’s fastest growing companies, completed a $4.4 billion acquisition of competitor Catalyst Health Solutions Inc. in July, the latest in a string of purchases that have helped push its stock up more than 55 percent in 2012.
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Mark Thierer, Catamaran’s chairman and chief executive, said the decision is aimed at improving investor’s access to the company’s stock. “Due to our share price performance, we took this action to ensure that our price range is attractive to the widest possible audience of investors,” he said in a statement.
Catamaran plans to move its headquarters to Schaumburg from Lisle early next year.
Shares were trading at $91.71 in mid-afternoon trading.
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