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Compuware receives approaches from Thoma Bravo, Vista

27 Nov 2013

software6_sqA number of private equity firms are reportedly considering making offers for business software group Compuware Corp.

The company has received approaches from firms including Thoma Bravo and Vista Equity Partners, said the FT. Other suitors are at different stages of negotiations, said the report.

Compuware, which is being advised by Goldman Sachs, turned down a $2.3bn buyout offer from hedge fund group Elliott Management Corporation in January.

When rejecting Elliott’s offer, Compuware said the $11 per share bid significantly undervalued the business and was not in the best interest of shareholders.

Bob Paul, Compuware CEO, said, “We are confident our plan will accelerate our progress and provide significant, near-term returns as well as future upside to our shareholders.

“While we are focused on executing and delivering on our plan, the board will carefully review and evaluate any credible offer it receives, including from Elliott, that delivers full value to its shareholders.”

Later in 2013, it was reported that Apax Partners and Hellman & Friedman were circling the company.

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