Compuware Corp. Friday tried to reassure its shareholders that it’s continuing to find ways to boost the company’s share price, a day after a Wall Street hedge fund urged Compuware management to sell the company — or parts of it, including its downtown Detroit headquarters.
Compuware and a New York investment fund have extended a standstill agreement between them to Sept. 15.
Reuters news service is reporting that Compuware Corp. has held talks with buyout firms in hopes of getting a better offer than the $11-a-share, $2.3 billion bid for the company made in December by a New York investment firm, Elliott Management.
Compuware Corp. Friday rejected an $11-a-share buyout offer from a New York hedge fund, Elliott Management Corp. Compuware officials said the offer “significantly undervalues the company and is not in the best interest of shareholders.”
Compuware Corp. Friday rejected an $11-a-share buyout offer from a New York hedge fund, Elliott Management Corp.
Sandell Asset Management, an investor in Detroit-based Compuware Corp., has sent a letter to Compuware CEO Robert C. Paul criticizing the company’s lack of action on an $11-a-share buyout offer from the New York City hedge firm Elliott Management Corp.