Cadence Board Authorizes $500 Million Stock RepurchaseSAN JOSE, Calif., 10 Feb 2006
Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that its Board of Directors approved on Feb. 8 an authorization to repurchase up to $500 million of its common stock, effective immediately. This is in addition to the approximately $3.9 million remaining from Cadence's previous stock repurchase authorization. The repurchased shares will be used for general corporate purposes. Share repurchases under this authorization may be made in the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.
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Cadence enables global electronic-design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2005 revenues of approximately $1.3 billion, and has approximately 5,000 employees. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com