Marvell Technology Group Ltd. increases Share Repurchase Authorization by $500 Million
Marvell Technology Group Ltd. (NASDAQ: MRVL) announced today that its Board of Directors has authorized Marvell to repurchase up to an additional $500 million under the existing share repurchase program. The cumulative total authorized for share repurchases by Marvell now amounts to $2.0 billion.
"Marvell has a strong balance sheet and is generating significant free cash flow even in this environment. This increase of the share repurchase program demonstrates our continued confidence in our business model, and our ongoing commitment to return value to our shareholders," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer.
Through November 25, 2011, Marvell had approximately $138 million available in the share repurchase program. Under the share repurchase program and through the end of the third quarter of fiscal 2012, Marvell has repurchased and retired over 79 million or about 12 percent of the outstanding shares.
