Marvell Technology Group 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 14, 2012
MARVELL TECHNOLOGY GROUP LTD.
(Exact name of registrant as specified in its charter)
22 Victoria Street
Hamilton HM 12
(Address of principal executive offices)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On December 14, 2012, the Board of Directors of Marvell Technology Group Ltd. (the Marvell) authorized Marvell to repurchase up to an additional $500 million under its share repurchase program. The cumulative total authorized for share repurchases by Marvell will amount to $3.0 billion. As of the end of Marvells third fiscal quarter of 2013 ended October 27, 2012, Marvell had made approximately $2.1 billion in share repurchases under the prior authorization.
The Company intends to effect its repurchase program in accordance with the conditions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The repurchase program will be subject to market conditions and other factors and does not obligate the Company 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 are expected to be funded from the Companys current cash and short-term investments position, which stood at approximately $2.0 billion as of October 27, 2012. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 18, 2012