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Compuware Adopts Stock Repurchase Plan Under Rule 10b5-1
Board of Directors Also Authorizes Additional Share Repurchase of $200 million for Discretionary PurposesDETROIT--December 12, 2006--Compuware Corporation (NASDAQ: CPWR) today announced that the Company’s Board of Directors has adopted a plan under rule 10b5-1 of the Securities and Exchange Act of 1934 to repurchase 34 million shares of its common stock. The 10b5-1 share repurchases are expected to commence December 14, 2006 and continue through June 30, 2007, subject to certain price, volume and timing constraints specified in the 10b5-1 plan. The Company may terminate the plan at any time. A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by Compuware will have the authority under the terms and limitations specified in the plan to repurchase shares on the Company’s behalf in accordance with the terms of the plan. In addition to the adoption of the 10b5-1 plan to repurchase 34 million shares of its common 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, 2006 authorization and the aforementioned $200 million authorization. Compuware Corporation
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