Marvell (MRVL) Adds $500M to Buyback Plan

Marvell Technology Group Ltd (NASDAQ: MRVL) 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 will amount to $3.0 billion. As of the end of Marvell's third fiscal quarter of 2013 ended October 27, 2012, Marvell had made approximately $2.1 billion in share repurchases under the prior authorization.

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 $2.0 billion as of October 27, 2012, may occur in open market, privately negotiated or block transactions.

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