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US- Elliott Management plans to acquire Compuware for USD2.35b  Join our daily free Newsletter

MENAFN - 18/12/2012

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(MENAFN) New York-based Elliott Management stated that it's interested in acquiring Compuware Corp., the software development firm, for USD2.35 billion, reported AP.

The investment company, which already owns 8-percent stake in Compuware, said that the latter is a deep-rooted firm, even though its execution, profitability and growth have deteriorated.

Compuware, which has been hit by weak global economic conditions and the European financial crisis, posted a plunge of 53 percent in its second quarter profit.

It said that it might launch an initial public offering (IPO) for its Covisint Corp. unit, which specializes in secure, industry specific communication and collaboration, and could carry out the IPO in 3-6 months.

It added that the IPO would grant Covisint more flexibility to pursue strategic opportunities and boost its visibility.

 






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