veritas to buy back up to $250 million in stock
UPDATE 1-Veritas to buy back up to $250 million in stock September 10, 2004 6:54am ET (Reuters)
(Adds details from filing, stock price)
WASHINGTON, Sept 10 (Reuters) - Veritas Software Corp. , the largest independent U.S. data storage provider, said on Friday it may buy back up to $250 million of its own shares as part of a prearranged stock trading plan.
The Mountain View, California-based company said in a regulatory filing that the plan, which is similar to the one corporate insiders use, starts on Sept. 15 and ends on March 15, 2006.
Under the plan, an insider may buy or sell shares as long as the insider does not possess material nonpublic information at the time the plan is adopted.
The company said the plan is part of a July 27 announcement of its intention to buy up to $500 million of its common stock over a period of 12 months to 18 months.
Veritas shares closed at $16.70 in Thursday Nasdaq trade. They have ranged from $16.30 to $40.68 in the past year.
