Compuware To Go Private For $10.92 A Share

Compuware Corp. CPWR agreed to be acquired Tuesday for $2.5 billion or $10.92 a share by the private equity concern Thoma Bravo LLC. Trading in shares of Compuware was halted and the stock last changed hands at $10.58 a share. The Detroit-based software developer's shareholders will receive a net cash payment of $10.25 a share excluding an estimated $0.18 cents a share in taxes owed in connection with the spin-off of Covisint Corp. COVS, which held an initial public offering last year. Shareholders will also receive a distribution of the remaining shares of Covisin owned by Compuware, representing a value of about $0.67 cents a share based on the closing price of Covisint on Friday, August 29. The deal is subject to shareholder approval and is expected to close by early 2015. Elliott Management, which holds a 9.5 percent stake in Compuware, agreed to favor the deal. Elliott made an unsolicited offer to acquire Compuware in 2012 for $11 a share.