21Vianet clears buyback of up to $30M in stock

SAN FRANCISCO (AP) ? Beijing-based 21Vianet Group Inc., which offers carrier-neutral Internet data center services, said Wednesday that its board approved a plan to buy back up to $30 million worth of the company’s outstanding American depositary shares.

The company plans to buy back stock during the next 12 months, either in open market purchases or in private deals. The company is funding the buyback plan from cash on hand.

21Vianet shares rose 97 cents, or 9.6 percent, to $11.06 in afternoon trading.