Marvell Technology Boosts Stock Buyback Authorization By $250 Mln

(RTTNews) - Marvell Technology Group Ltd. (MRVL) said Friday that its Board of Directors has authorized the company to repurchase up to an additional $250 million under the existing share repurchase program. The cumulative total authorized for share repurchases by the company now amounts to $3.25 billion.

Through November 1, Marvell had about $213 million available in the share repurchase program. Under the share repurchase program and through the end of the third quarter of fiscal 2015, Marvell has repurchased and retired over 220 million shares or about 30% of its outstanding shares.

The repurchases are expected to be funded from Marvell's current cash and short-term investments position, which stood at about $2.4 billion as of November 1.