International. Adobe announced that its Board of Directors has approved a new share repurchase program that gives the company the authority to buy back up to $2 billion in common stock through the end of fiscal 2017.
Under this new share repurchase program – which is designed to return value to Adobe's shareholders and minimize dilution of share issuance – the company will repurchase shares on the open market and also enter into structured repurchase agreements with third parties.
The new share repurchase program approved by Adobe's Board of Directors is substantially similar to the company's previous program that authorized the repurchase of up to $2 billion in common stock through fiscal year 2015, whose authority had expired.
"As we continue to grow and execute on our key long-term goals, we remain committed to giving back to our shareholders through share buybacks," said Mark Garrett, Executive Vice President and Chief Financial Officer, Adobe.
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