Adobe Systems Incorporated (Nasdaq:ADBE) today announced its Board of Directors has approved a new stock repurchase program granting the company authority to repurchase up to $2.0 billion in common stock through the end of fiscal 2017. Under the new stock repurchase program, which is designed to return value to Adobe's stockholders and minimize dilution from stock issuances, the company will repurchase shares in the open market and also enter into structured repurchase agreements with third parties.
The new stock repurchase program approved by Adobe's Board of Directors is substantially similar to the company's previous program authorizing the repurchase of up to $2.0 billion in common stock through fiscal 2015, which authority has been exhausted.
"As we continue to grow and execute on our key long-term goals, we remain committed to returning value to our stockholders through stock repurchases," said Mark Garrett, executive vice president and chief financial officer, Adobe.
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