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Adobe Systems To Repurchase Up To $2.0 Bln Common Stock Through End Of FY15

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Adobe Systems Inc. (ADBE: Quote) announced its Board 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 2015.

As per the new stock repurchase program, the company will repurchase shares in the open market and also enter into structured repurchase agreements with third parties.

The company said that the new stock repurchase program approved by its Board is substantially similar to the company's previous program authorizing the repurchase of up to $1.6 billion in common stock through fiscal 2012, which authority has been exhausted.

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