Heart-Valve Firm Tells Small Shareholders: Sell

Edwards Lifesciences Corp. said Monday that it is encouraging shareholders who own less than 100 shares of its stock to purchase additional shares to increase their holdings to 100 shares or to sell all of their shares.

The Irvine maker of artificial heart valves said in a news release that the shares will be bought or sold on the open market through a designated broker. A processing fee of $1.50 a share, up to a maximum of $30 per account, will be charged.

About 65,000 shareholders are eligible to participate, most of whom received their shares as a result of the company’s spinoff from Baxter International Inc. on March 31, the company said.

The program, administered by Georgeson Shareholder Communications Inc., will expire Nov. 10. As of Oct. 6, the company had 58.4 million shares outstanding. The stock lost 44 cents a share, closing at $20.69 on the New York Stock Exchange.