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Sizing Text box to text size

Jul 1, 2012 1:50 AM

Is there a way that the text box should get reduced to size of text.? There is an obvious one like moving the resize handles but a quick one?

 

Like I have the word

 

Olympics written, I make the text box initially a large one, but want it to be just touching the outer profiles of the word Olympics. How can I do it?

 
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