Home » Business » Adobe to repurchase stock worth $2 billion by 2015
"We currently have authority granted by our Board of Directors to repurchase up to $2 billion in common stock through the end of fiscal 2015," Adobe said in a filing with the US Securities and Exchange Commission.
The stock repurchase programme is similar to its previous $1.6 billion stock repurchase programme, which the firm exhausted during the second quarter of fiscal 2012, it added.
The US-based firm follows December-November fiscal year.
The company said it has entered into structured stock repurchase agreements with large financial institutions for the purchase of equity.
"The $700 million pre-payments during the nine months ended August 30, 2013, were under the new $2 billion stock repurchase authority, while the $305 million pre-payments during the nine months ended August 31, 2012, were under the previous $1.6 billion authority," it added.
On the reasons for entering the agreements, Adobe said: "We enter into these agreements in order
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