Compuware shares jump on $2.35B buy offer - New York News

Compuware shares jump on $2.35B buy offer

Posted: Updated:

NEW YORK (AP) -- Compuware shares jumped 17 percent Monday, after Elliott Management offered to buy the software development company for about $2.35 billion.

The New York-based investment firm wants to acquire Compuware Corp. for $11 per share. The offer represents a 15 percent premium over its Friday closing stock price.

Elliott currently holds an 8 percent stake in Compuware. It said that while the Detroit-based company has strong assets, its profitability and growth have significantly lagged in recent years.

Elliott said it's confident that it can find financing for such a deal and wants to meet with the company's board as soon as possible.

Officials at Compuware weren't immediately available.

The offer comes about a month after Compuware founder Peter Karmanos Jr. announced plans to step down as executive chairman next year. He stepped down as CEO in 2011.

In addition, Compuware said Friday that it that it filed for a possible initial public offering of its Covisint Corp. unit and could conduct the IPO in three to six months.

The company said the IPO would give Covisint more flexibility to pursue strategic opportunities and increase its visibility. Covisint specializes in secure, industry specific communication and collaboration, according to its website.

Compuware has struggled amid sluggish global economic conditions and the European economic crisis. In October, it said its fiscal second-quarter profit plunged 53 percent and issued a weak forecast for the full year. But despite significant volatility, the company's shares have risen about 15 percent since the beginning of the year.

In midday trading, Compuware shares rose $1.37, or 14 percent, to $10.91, after peaking at $11.16 earlier in the day, passing their previous 52-week high of $10.25 and marking their highest price since May 2011.

  • Your MoneyMore>>

  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
  • NYC Denny's features $300 breakfast

    NYC Denny's features $300 breakfast

    Friday, August 29 2014 4:04 PM EDT2014-08-29 20:04:13 GMT
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
  • Some Showboat workers get new jobs within company

    Some Showboat workers get new jobs within company

    Friday, August 29 2014 2:54 PM EDT2014-08-29 18:54:36 GMT
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
  • Local NewsLocal NewsMore>>

  • Friday Night Live: August 29, 2014

    Friday Night Live: August 29, 2014

    Friday, August 29 2014 11:14 PM EDT2014-08-30 03:14:33 GMT

    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: Electric Zoo Festival, Beth Shak, Richard Albrecht, Kathy Wakile, and Moses Laboy .

    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: Electric Zoo Festival, Beth Shak, Richard Albrecht, Kathy Wakile, and Moses Laboy .


  • Cocktails with Moses Laboy

    Cocktails with Moses Laboy

    Friday, August 29 2014 10:49 PM EDT2014-08-30 02:49:46 GMT
    Mixologist Moses Laboy came to Friday Night Live to mix up some cocktails to get us started on the holiday weekend. Born and raised in Spanish Harlem, Laboy has mixed drinks at Red Rooster, Los Americanos, Le Colonial NYC, and elsewhere. He has served drinks to President Obama and President Clinton.
    Mixologist Moses Laboy came to Friday Night Live to mix up some cocktails to get us started on the holiday weekend. Born and raised in Spanish Harlem, Laboy has mixed drinks at Red Rooster, Los Americanos, Le Colonial NYC, and elsewhere. He has served drinks to President Obama and President Clinton.
  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices