Market Overview

Compuware To Go Private For $10.92 A Share

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Compuware To Go Private For $10.92 A Share

Compuware (NASDAQ: CPWR) agreed to be acquired Tuesday for $2.5 billion or $10.92 a share by the private equity firm Thoma Bravo LLC.

Shares of Compuware were halted and the stock last changed hands at $10.58 a share.

The Detroit-based software developer's shareholders will receive a net cash payment of $10.25 a share, excluding an estimated $0.18 cents a share for taxes owed in connection with the spin-off of Covisint (NASDAQ: COVS), which held an initial public offering last year.

Shareholders will also receive a distribution of the remaining shares of Covisint that are owned by Compuware, representing a value of about $0.67 a share based on the closing price of Covisint on Friday, August 29.

The deal is subject to shareholder approval and is expected to close by early 2015. Elliott Management, which holds a 9.5 percent stake in Compuware, agreed to favor the deal.

Elliott made an unsolicited offer to acquire Compuware in 2012 for $11 a share.

 

Posted-In: thoma bravoM&A News Best of Benzinga

 

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