Marvell Increases Share Repurchase Program

Marvell Technology Group Ltd. announced that the Board of Directors has authorized Marvell to repurchase up to an additional $500 million under its share repurchase program.  

With this increase, the cumulative total share repurchase authorized by the Board will amount to $1.5 billion.  

Marvell has made approximately $1 billion in share repurchases under the prior authorization.

"We continue to be confident in our growth prospects and our ability to generate significant cash flows. Combined with our strong balance sheet, we believe this increase in the share repurchase is consistent with our plan to return value to our shareholders," said Sehat Sutardja, Chairman, President and CEO of Marvell.

Marvell intends to effect the repurchase program in accordance with the conditions of Rule 10b-18 under the Exchange Act. The repurchase program will be subject to market conditions and other factors and does not obligate Marvell to repurchase any dollar amount or number of its common shares. The program may be extended, modified, suspended or discontinued at any time. The repurchases, which are expected to be funded from Marvell’s current cash and short-term investments position that stood at approximately $2.3 billion as of April 30, 2011, may occur in open market, privately negotiated or block transactions.