Elliot To Examine Compuware Books

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.

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