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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.