$20Billion AUM Hedge Fund Elliot Management $2.4 Billion Bids on Compuware
Elliot Management Corp. offered to buy the remaining stake in Compuware Corp. (CPWR)
Compuware shares climbed 13% to $10.76 in Monday trading, approaching the offer of $11 a share. The offer represents a 15% premium to Friday’s close.
Elliot has a stake of roughly 8% in Compuware, which provides testing, management and development software, and is one of its biggest shareholders.
In a letter to Compuware’s board hedge fund firm said, “Compuware is a long-established company that we have followed closely for several years. We believe in the quality of Compuware’s assets — however, its execution, profitability and growth have meaningfully underperformed.”