Brocade Increases Stock Repurchase Authorization by $700M
Via Brocade Newsroom
Sep 30, 2015
SAN JOSE, CA--(Marketwired - Sep 30, 2015) - BROCADE ® (NASDAQ: BRCD) today announced that its Board of Directors has increased the authorization to repurchase its common stock under its existing stock repurchase program by $700 million, bringing the total remaining amount authorized under the program to over $1.0 billion. The timing and amounts of specific purchases will be determined by Brocade from time to time based on Brocade's cash balances, the trading price of Brocade's common stock, general business and market conditions, and other factors, including alternative investment opportunities.
Since Q2 2011, Brocade has repurchased approximately $1.3 billion worth of its common stock, reducing Brocade's outstanding shares by approximately 13 percent as of August 1, 2015.
Sign up to receive TelecomTV's top news and videos, plus exclusive subscriber-only content direct to your inbox.