Compuware soliciting private equity buyout – CPWR & GS

Boston, MA 03/06/2013 (wallstreetpr) – Compuware Corporation (NASDAQ:CPWR) has caught the attention of private equity funds such as Hellman & Friedman LLC and Apax Partners LLP for a buyout interest. In January, the software company had rejected a $2.3 billion worth takeover offer from Elliott Management Corp. Last week management presentations were also given to certain other potential buyers. People in the know said that though the talks are private, Golden Gate Capital Corp and Thoma Bravo LLC were part of the group of bidders. The first round of bids is scheduled to commence within a fortnight.

Attraction quotient

Elliott said that the company had attractive assets such as collaboration technology, performance-management services for mobile and cloud applications, mainframe software and project management tools and that new owners would be able to open up the company’s value in a better manner. When making its offer Elliot said the company has meaningfully underperformed on aspects such as profitability, execution and growth. Unidentified people in the know said that the entire process is in its primary stages and that the deal may not come through at all.

The Compuware Corporation (NASDAQ:CPWR) spokesperson Eric Kushner declined commenting on the deal and representatives of Golden Gate Capital, Hellman & Friedman, Apax Partners and Thoma Bravo declined to comment as well. Compuware CEO, Bob Paul said that the $11 per share offer that Elliott Management had put forward undervalued the company to a significant extent. The company had the Dec 17 Elliott bid reviewed by Allen & Co and Goldman Sachs Group, Inc (NYSE:GS). As of Feb 14 the New York –based hedge fund held a stake of 8.72 percent in Compuware Corporation (NASDAQ:CPWR)

Shares of Compuware Corporation (NASDAQ:CPWR) went up by 2.58% to close at $11.95

Shares of Goldman Sachs Group, Inc (NYSE:GS) went up by 0.51% to close at $152.96

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