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VRSN » Topics » VeriSign Announces $800 Million Share Buyback

This excerpt taken from the VRSN 8-K filed Feb 14, 2008.

VeriSign Announces $800 Million Share Buyback

MOUNTAIN VIEW, CA – February 8, 2008 – VeriSign, Inc. (Nasdaq: VRSN) today announced it has entered into an accelerated share repurchase agreement to repurchase $600 million of its common shares and announced an intent to repurchase up to an additional $200 million in open market transactions. Under the agreement, VeriSign will pay $600 million to a financial institution in exchange for a number of shares, which will be determined, subject to a cap, based on market prices during the term of the accelerated share repurchase agreement. The company expects to complete the repurchases in the third quarter of 2008, although in certain circumstances the completion date may be shortened or extended.

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