Applera Corporation Retains Morgan Stanley to Explore Potential Corporate Restructuring; Applera Corporation Board Increases Applied Biosystems Stock Repurchase Authorization to $1.2 Billion

NORWALK, Conn.--(BUSINESS WIRE)--The Board of Directors of Applera Corporation announced two initiatives today related to its Applied Biosystems Group (NYSE:ABI) and Celera Group (NYSE:CRA). The Board said it has retained Morgan Stanley to explore alternatives to its current tracking stock structure, including the possibility of creating two independent publicly traded companies in place of the two tracking stocks. The Board also said it has increased to $1.2 billion the current authorization to repurchase shares of Applied Biosystems stock. At current market prices, that represents approximately 20 percent of the outstanding common stock, or double the current authorization. The company anticipates repurchasing $600 million of the shares as soon as practicable through a tender offer or accelerated share repurchase (ASR), with the balance to come from open market purchases or privately negotiated transactions over the next 12 to 18 months, subject to market conditions.