Monday, 20 October 2014
Last updated 43 min ago
Feb 20 2013 | 1:48pm ET
After losing its first bid to buy Compuware, Elliott Management has agreed not to try again before May 15 while it pores over the Detroit-based software firm's books.
The “standstill” pact, as reported in the Detroit Free Press, is part of a nondisclosure agreement with Compuware that will bar the hedge fund from revealing any non-public information discovered during its examination of the books and from buying more than 9.9% of Compuware before mid-May.
On January 25, Compuware's board of directors rejected Elliott's unsolicited first offer of $2.3 billion, or $11 per share. At the time, Compuware chief executive Bob Paul said that "selling the company at $11 per share does not take into account our progress returning the business to profitable growth and our future prospects.”
He also, however, said the firm would entertain future bids--including bids by Elliott.
Elliott, with 8.7%, is Compuware's second-biggest shareholder after the mutual fund Dodge & Cox.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...