DETROIT- Compuware Corporation on Tuesday announced its board has decided to repurchase another 34 million shares of common stock, starting Dec. 14. The net result will be to drive up Compuware?s share price.
In addition to the adoption of the 10b5-1 plan to repurchase stock, the Board has authorized a separate share repurchase of $200 million of its common shares from time to time at the discretion of management.
Depending on market conditions, Compuware expects to conduct
discretionary repurchases in the open market or in privately negotiated
transactions during its normal trading windows. Any discretionary
repurchases will be made under the existing August 22 authorization
and the aforementioned $200 million authorization.
Compuware, which makes corporate software, has roughly 352 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.
