CA will begin buying back nearly 41 million shares of its stock for US$1 billion on Wednesday, the company said.The management software maker, formerly known as Computer Associates International, plans to pay between $22.50 and $24.50 per share for the stock, which ended trading on Tuesday at $23.24 per share, up 6.8 percent on the day. The tender offer comes just a day after the company announced its net profit fell 64 percent in its fiscal 2007 first quarter, which ended June 30. The company also said it planned to slash 1,700 jobs in an attempt to cut costs. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe The initial $1 billion stock tender offer is the jump-start of a $2 billion repurchase plan. The tender offer expires on Sept. 14, meaning the shares will have to be tendered by that time. Shareholders have been invited to make offers to the company, with priority given to investors holding fewer than 100 shares. There is no limit to the number of shares a holder can offer to the company for repurchase. The full stock repurchase offer ends March 31, 2007, which is the end of CA’s 2007 financial year.CA shares rose 1.5 percent after the tender offer was announced, to close at $23.59 in after-hours trading. -Dan Nystedt, IDG News Service (Taipei Bureau)Related Link: CA to Cut 1,700 Jobs; Q1 Earnings PlungeCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content feature 10 digital transformation questions every CIO must answer Impactful DX requires a business-centric approach supported by the right skills, culture, and strategy. Here’s how to assess whether your digital journey is on the path to success. By Mary K. Pratt Sep 25, 2023 12 mins Digital Transformation IT Strategy IT Leadership feature Rockwell Automation makes shift to ‘as-a-service’ model Facing increasing competition from cloud hypervisors that see manufacturing as prime for disruption, the industrial automation giant has undertaken a major transformation to add subscription software services to its core business. By Paula Rooney Sep 25, 2023 6 mins Manufacturing Industry Digital Transformation IT Strategy brandpost Fireside Chat between Tata Communications and Tata Realty: 5 ways how Technology bridges the CX perception gap By Tata Communications Sep 24, 2023 9 mins Emerging Technology feature Mastercard preps for the post-quantum cybersecurity threat A cryptographically relevant quantum computer will put everyday online transactions at risk. Mastercard is preparing for such an eventuality — today. By Poornima Apte Sep 22, 2023 6 mins CIO 100 Quantum Computing Data and Information Security Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe