Shares of Compuware (CPWR) spiked up almost 13% in Monday's trading session. The provider of computer mainframe services, software solutions, and application services has received an unsolicited proposal to be acquired by Elliott Management Corporation.
A Possible Tie-Up
Compuware announced that its board of directors has received an unsolicited, conditional and non-binding proposal from Elliott Management. The hedge fund made a proposal to acquire all outstanding shares for $11.00 per share. In a reaction, Compuware's board says it will review the proposal before taking any action.
Shares in Compuware rose 12.9% in Monday's trading session, closing at $10.76 per share. Shares rallied another 6 cents on Tuesday, leaving another 1.7% potential return on the table if a deal would go through at $11 per share.
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