Private Equity Firms Looking at Compuware

(Market Cap $2.4B)

According to Reuters and Financial Times, a number of private equity investors are looking to make a bid for Compuware Corp, a company that we have highlighted many times on SSM.  The PE firms, Thoma Bravo and Vista Equity Partners, have approached Compuware about taking the company private.  Other prospective buyers, according to FT, have also looked at Compuware and are at different stages of negotiations. Compuware is being advised by Goldman Sachs. Compuware CEO Bob Paul has indicated that that the company had not received any takeover offer that was high enough for it to agree to a deal.

As background, I had sent the first alert on CPWR on 6/15/12 “Compuware Corporation May Soon be an Activist Target” when I had noticed that Starboard had taken a small position in the stock.  Subsequently, Elliott Associates had followed up with a 13D filing and then on 1/14/13, made a bid for the company for $11 per share in cash.



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