Activist Stocks • 11 Comments
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. 2, 2014, 7:37 AM
Jan. 8, 2014, 9:26 AM
- Compuware (CPWR) divests its Changepoint, Professional Services, and Uniface ops to Marlin Equity Partners for $160M.
- The move is a step in letting go of non-core operations and focusing on Compuware's Application Performance Management and mainframe businesses - something activist fund Starboard has pushed for.
Dec. 8, 2013, 5:02 AM
- Bain and Golden Gate Capital have reportedly teamed up to make a bid for software provider Compuware (CPWR), whose market cap is $2.34B.
- The private-equity firms agreed to acquire larger rival BMC Software (BMC) in May, although they wouldn't necessarily merge Compuware with BMC.
- Bain and Golden Gate could face competition from Thoma Bravo and Vista Capital.
- Any deal could represent an exit for activist investor Elliot Management, Compuware's largest shareholder with an 8.6% holding. Elliot tried to buy Compuware a year ago but was rebuffed.
Nov. 27, 2013, 4:19 AM
- Compuware (CPWR) has reportedly been exploring selling itself for months and has received approaches from private-equity funds, with potential suitors including Thoma Bravo and Vista Equity Partners.
- The Detroit-based software group, which has a market cap of $2.34B, could agree to a deal by January.
- The news comes almost a year after Compuware rejected a $2.3B offer from Elliott Management. The activist investor holds 8.6% in Compuware.
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.
Aug. 2, 2013, 4:25 PM
- Compuware (CPWR +2.4%) spiked higher just before the close after Reuters reported sources have told it the software/IT services firm "has renewed efforts to sell itself."
- Compuware has reportedly courted CA, the P-E consortium acquiring BMC Software, and other P-E firms who might look to make a joint bid with a software vendor. The company is looking for offers to be made this month.
- There are no details on CA's interest (or lack thereof) in making a bid.
- Compuware rejected an $11/share offer in January, and has reportedly seen a fair amount of P-E interest in the past. An April board shakeup might make a deal easier to come by.
Mar. 4, 2013, 6:21 PM
Shares of Compuware (CPWR) are active in the post-trading session as buyout chatter is revived. The company is reportedly getting interest from several private equity firms, including Thoma Bravo, Apax, Hellman & Friedman, and Golden Gate. Last month the stock spiked on chatter that the company was in early talks with P-E firms Blackstone and TPG, among others, after shooting down an $11/share offer made by Elliott Associates in January. Shares +4.7% AH.| Mar. 4, 2013, 6:21 PM
Feb. 21, 2013, 2:33 PM
Compuware (CPWR +1.6%) has spiked over the last 20 minutes, but is well off its highs, after Reuters reports the enterprise software/services firm is "talking to buyout firms to gauge investor interest." Compuware is said to have held "early talks" with P-E firms Blackstone and TPG, among others. The company, which currently trades at $11.82, has spurned an $11/share offer made by Elliott Associates in December.| Feb. 21, 2013, 2:33 PM
Jan. 25, 2013, 7:45 AM
Compuware's (CPWR) board rejects Elliott Management's $11/share buyout offer, instead launching a 3-year cost-reduction program of at least $60M along with its intent to spin off the Covisint business to Compuware shareholders. The board also announces a $0.50/share annual dividend set to begin in Q1 on FY2014. (PR)| Jan. 25, 2013, 7:45 AM
Dec. 17, 2012, 10:28 AM