Reuters: Technology News: Compuware, after rejecting Elliott bid, explores sale

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Compuware, after rejecting Elliott bid, explores sale Feb 21st 2013, 19:50 NEW YORK | Thu Feb 21, 2013 2:33pm EST NEW YORK (Reuters) - Business software maker Compuware Corp, which has rejected a $2.3 billion bid by an activist investor, is exploring a sale and talking to buyout firms to gauge takeover interest, four people familiar with the matter said. The Detroit-based company has held early talks with several large private equity firms, including Blackstone Group LP and TPG Capital LP [TPG.UL} about a potential deal, the people said on Thursday. Compuware in January rejected an $11 per share offer from New York-based hedge fund Elliott Management Corp, its second-largest shareholder with an 8.7 percent stake, and said it would proceed with plans to spin off a non-core unit, cut costs and pay out dividends. A Compuware spokeswoman declined to comment but pointed to the company's statement on January 25 that said "the board will carefully review and evaluate any credible offer it receives." (Reporting by Nadia Damouni and Soyoung Kim; Editing by Gerald E. McCormick)

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