Compuware Declines $2.3B Bid In Favor Of Own Growth Plan

Law360, New York (January 25, 2013, 1:56 PM EST) -- Software maker Compuware Corp.'s board of directors spurned a $2.3 billion bid from activist hedge fund Elliott Management Corp. on Friday and outlined a new company strategy that calls for spinning off its Covisint Corp. unit after an initial public offering.

Compuware said it found that the unsolicited $11 per-share offer, which was made in mid-December, significantly undervalued the company, and it instead outlined a plan that includes cost-cutting, a new annual dividend and the spinoff of cloud-based service company Covisint that it believes will better...
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