{"id":640153,"date":"2013-01-25T09:41:33","date_gmt":"2013-01-25T14:41:33","guid":{"rendered":"http:\/\/www.pehub.com\/?p=182895"},"modified":"2013-01-25T09:41:33","modified_gmt":"2013-01-25T14:41:33","slug":"reuters-compuware-turns-down-buyout-offer","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/640153","title":{"rendered":"Reuters \u2013 Compuware Turns Down Buyout Offer"},"content":{"rendered":"

Business software maker Compuware Corp.<\/strong> turned down hedge fund Elliott Management Corp<\/strong>‘s proposal for a $2.3 billion buyout, choosing instead to proceed with spinning off a non-core unit, Reuters <\/em>reported. Paul Singer’s Elliott Management had offered in December to buy Compuware for $11 per share, raising questions about the management of the company.<\/p>\n

(Reuters<\/em>) – Business software maker Compuware Corp. turned down hedge fund Elliott Management Corp’s proposal for a $2.3 billion buyout, choosing instead to proceed with spinning off a non-core unit.<\/p>\n

Paul Singer’s Elliott Management had offered in December to buy Compuware for $11 per share, raising questions about the management of the company.<\/p>\n

Elliott’s proposal significantly undervalues the company and is not in the best interest of shareholders, Compuware said in a statement.<\/p>\n

Elliott had blamed Compuware for underperforming its potential and promised to turn it around if the deal went through.<\/p>\n

Compuware said it would rather proceed with the IPO of its Covisint unit and cut costs.<\/p>\n

The company, which filed for a possible Covisint IPO last year, is expected to sell a 20 percent interest in the offering and distribute the rest among its shareholders.<\/p>\n

Eliott had declared an 8 percent economic interest in Compuware when it made the offer last year. According to the latest filing, it beneficially owns 14.2 million shares, or 6.6 percent of the outstanding shares.<\/p>\n

Compuware also approved an annual dividend of 50 cents per share starting from the first quarter of fiscal 2014, which begins in April.<\/p>\n

Compuware shares rose 2 percent to $11.00 before the bell on Friday.<\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Business software maker Compuware Corp. turned down hedge fund Elliott Management Corp‘s proposal for a $2.3 billion buyout, choosing instead to proceed with spinning off a non-core unit, Reuters reported. Paul Singer’s Elliott Management had offered in December to buy Compuware for $11 per share, raising questions about the management of the company. (Reuters) – […]<\/p>\n","protected":false},"author":7428,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-640153","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/640153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7428"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=640153"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/640153\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=640153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=640153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=640153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}