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SOURCE Tripp Levy PLLC
NEW YORK, Sept. 2, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Compuware Corporation (NASDAQ: CPWR) ("Compuware" or the "Company") on behalf of its shareholders. Compuware and Thoma Bravo announced that they have entered into a definitive agreement whereby Compuware shareholders will receive an aggregate value of approximately $10.92 per share. Thoma Bravo will pay a cash purchase price of $10.43 for each outstanding share of Compuware common stock, less the pro rata portion of the applicable corporate tax that will be owed in connection with the spin-off of Covisint, currently estimated at $0.18 per share based on the current market price of Covisint, for a net cash payment of approximately $10.25 per share. Within 60 days following the date of the merger agreement, Compuware will effectuate the pro rata distribution to its shareholders of the remaining shares of Covisint owned by Compuware, resulting in a distribution of Covisint shares representing approximately $0.67 per share of Compuware common stock.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Compuware for not acting in Compuware shareholders' best interests in connection with the sale process of Compuware, including whether the price of $10.92 per share is unfairly low. Indeed, Compuware has no long term debt and has over $275 million of cash or $1.25 per share. Further, analysts have estimated that the price of the stock is worth at least $11.60 per share, and the stock has traded as high as $11.39 per share within the past year.
If you are a shareholder of Compuware and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC represents individual and institutional investors in shareholder actions and, along with its affiliates, has recovered billions of dollars for shareholders in securities actions. Tripp Levy PLLC has become affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome
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