Compuware, NY Hedge Fund Extend Standstill Agreement
DETROIT (WWJ) – Compuware and a New York investment fund have extended a standstill agreement between them to Sept. 15.
In a filing disclosed Monday with the U.S. Securities and Exchange Commission, New York based Elliot Management and its subsidiaries said the agreement was to have expired Monday, but the parties agreed Friday to extend it another two months.
Elliott proposed an $11-a-share buyout of Michigan’s biggest tech company last December. Compuware rejected the offer as too low in January. The two sides have been in periodic negotiations since.
Elliott and its affiliates own 18.67 million shares of Compuware stock, 8.7 percent of the company’s total.
More at www.compuware.com.