News Summary: Elliott offers to buy Compuware

Updated at: 12/17/2012 4:06 PM
By The Associated Press

TAKEOVER: Elliott Management is offering to buy the rest of Compuware for $2.35 billion, telling the software company it Compuware has underperformed. Compuware replied it’s evaluating the bid.

DEEP POCKETS: The New York-based investment firm, which owns 8 percent of Compuware, said it’s confident it can secure financing for the deal and wants to meet with the company’s board as soon as possible.

COMPUWARE MOVES: Peter Karmanos Jr. founded the Detroit-based company in 1973 and recently said he’d step down as its chairman. Friday the company filed for a possible initial public offering of its Covisint Corp. unit.

(Copyright 2012 by The Associated Press. All Rights Reserved.)