Wednesday, 17 December 2014
Last updated 9 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.