Thu, May 21, 12:47 PM
Wed, May 20, 5:41 PM
Tue, May 19, 5:40 PM
Oct. 15, 2014, 12:47 PM
Oct. 10, 2014, 4:45 PM
- Ahead of its sale to Thoma Bravo, Compuware (NASDAQ:CPWR) is fully distributing its remaining 31.8M-share equity interest in cloud collaboration platform provider Covisint (NASDAQ:COVS).
- The shares will be distributed to Compuware shareholders on a prorated basis on Oct. 31. Compuware estimates investors will get 0.14 Covisint shares for each Compuware share they own.
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
May 23, 2014, 12:45 PM
Mar. 13, 2014, 12:48 PM
Jan. 24, 2014, 12:47 PM
Sep. 26, 2013, 12:29 PM
- After pricing its 6.4M-share IPO at $10, Covisint (COVS) opened at $12.77 and is currently at $12.92, up 29.2%. That's good for a market cap of $470.3M, or 5.2x FY13 (ended March '13) sales.
- Compuware (CPWR -0.4%), which owns 82% of the cloud engagement/collaboration platform provider post-IPO, is off slightly. Compuware has said it plans to fully distribute its Covisint stake to shareholders within 12 months of the IPO.
- S-1, IPO preview
COVS vs. ETF Alternatives
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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