P-E firm Thoma Bravo is buying Compuware (NASDAQ:CPWR) for $2.5B. The firm is paying $10.43/share in cash, and assigns a $0.67/share value to the distribution of Compuware's remaining Covisint (COVS +8.5%) shares. $0.18/share is deducted from the buyout price for tax payments related to the Covisint spinoff.
The deal ends a very lengthy sales process that reportedly saw several bids from P-E firms, and resulted in multiple activists getting involved. Elliott Management (9.5% stake) backs Thoma Bravo's bid.