Novell Plans Buyback

The company will buy back up to $200 million worth of its shares.
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Novell

(NOVL)

will buy back up to $200 million of stock over 12 months.

The Waltham, Mass., software company said repurchases will be made from time to time on the open market at the discretion of management.

"Our stock buyback is just one of the elements of a plan aimed at enhancing shareholder value and securing Novell's future as an important provider of solutions to the IT market," CEO Jack Messman said. "The buyback demonstrates the board and management's confidence in our financial strength and strategic plan."

On Thursday, Novell shares rose 7 cents to $7.01.