Seeking Alpha

Compuware prices Covisint spin-off at $10/share

  • Compuware (CPWR) prices 6.4M shares (960K overallotment) of its Covisint (COVS) unit spin-off at $10/share. Trading is expected to begin today on the Nasdaq under the symbol "COVS."
  • The unit's revenues rose 21.5% in FY 2013 to $90.7M, while net loss expanded to $5.6M from $3.3M in the previous year. (S-1)
  • The move to spin off its business process cloud platform division comes after Compuware began shopping itself to P-E firms in Aug. and after that plan stalled in "limbo."
  • Shares closed at $11.20 yesterday, above the $11 mark of an offer Compuware rejected back in Jan.
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