Shares of business software maker
climbed on news that the company had executed most of its accelerated share repurchase plan.
The Islandia, N.Y.-based company said Wednesday that it had bought back 16.9 million shares, or 3% of outstanding stock, at a cost of $435 million. The stock was up 48 cents, or 1.9%, to $26.16 in midday trading on heavy volume of 18 million shares.
The transaction was funded with existing cash. The plan, which is now complete, allowed for the accelerated repurchase of up to $500 million of stock. CEO John Swainson announced the repurchase in May.