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Sep. 2, 2014, 9:53 AM
- 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.
- Shares remain halted.
- Earlier: Compuware reportedly in sale talks
Sep. 26, 2013, 9:03 AM
- 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.
Covisint Corp provides cloud engagement platform. It enables organizations to securely connect, engage and collaborate with large, distributed communities of customers, business partners and suppliers.
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