DETROIT – Compuware Corporation’s Board of Directors has
authorized the repurchase of an additional $300 million of the company’s
common stock ? and left open the door that additional buy backs may be coming.
Compuware issued a statement saying the stock will be purchased on the open market from time-to-time based upon market and business conditions. Upon
completion, the board will evaluate the possibility of future buy backs.
“Today’s announcement is a clear indication of the confidence that I
and the rest of Compuware’s management team and the Board of Directors have
in the fundamental strength and future prospects of this company, and at
this point in time we are convinced that repurchasing our stock is both a
prudent and responsible use of our resources,” said Compuware Chairman and
CEO Peter Karmanos, Jr.
Compuware, which makes corporate software, has roughly 372.5 million shares outstanding. In April, the company announced it would buy back $125 million in common stock. Buying back stock raises the overall stock price, a trend that often makes Wall Street more optimistic about publicly traded companies.
