The Ottawa-based company also said it was increasing the maximum number of shares offered under the plan, which started in October, to 8.9 million, from 8 million.
As of July 3, Cognos is believed to have spent around $198m to buyback 4.9 million shares.
Share buybacks take shares off the market and are a common way for companies to increase shareholder value. When a company increases its buyback program, it’s usually a sign that it has money to burn. However some cynics would argue that it’s really a disguised bonus to staff because it avoids dilution of their stock options.
