New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 3, 2013
17:29 EDTCPWRCompuware cites IT spending enviroment and Europe negatively impacting Q4
On the Q4 preliminary earnings conference call Compuware cites broad based delays in IT buying decisions as a result of budgets not being "solidified." Compuware also noted that European IT spending may not be recovering as fast as expected due to the economic climate.
News For CPWR From The Last 14 Days
Check below for free stories on CPWR the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
September 2, 2014
12:09 EDTCPWROn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
09:45 EDTCPWRElliott announces support for acquisition of Compuware
Elliott Management Corporation entered into a support agreement to vote its shares in favor of the acquisition and issued a public statement regarding Compuware. “Today’s announcement reflects the successful conclusion of a multi-year process to create value for Compuware shareholders,” said Jesse Cohn, portfolio manager at Elliott Management Corporation, Compuware’s largest shareholder. “This has been a significant endeavor -- selling assets, cutting costs, implementing the Covisint IPO, adding experienced executives to the Boardroom and taking numerous other steps to streamline and improve the Company. Credit goes to Bob Paul and his team for their tireless efforts in implementing these steps and also to the Board for its thoughtful and engaged process to reach this outcome. Finally, we congratulate Thoma Bravo for continuing its track record of recognizing significant value opportunities.”
09:37 EDTCPWRCompuware to be acquired by Thoma Bravo for $10.92 per share
Compuware and Thoma Bravo jointly announced that Compuware has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Under the terms of the agreement, pending shareholder approval, Compuware shareholders will receive an aggregate value of approximately $10.92 per share, representing a premium of approximately 17% to the company’s stock price as of the close of trading on Friday, August 29. 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 18c per share based on the current market price of Covisint, for a net cash payment of approximately $10.25 per share. The parties have agreed that 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 67c per share of Compuware common stock based on the closing price of Covisint on Friday, August 29. During the 60-day period, Compuware may seek a higher value alternative for its Covisint shares, in which case the proceeds, net of tax and certain charges, of such disposition will be paid to Compuware shareholders. The Compuware board unanimously approved the agreement and recommends that Compuware’s shareholders approve the transaction. The transaction is expected to close by early 2015. Elliott Management, which owns approximately 9.5% of Compuware’s common stock, has entered into an agreement with Thoma Bravo agreeing to vote its shares in favor of the transaction. There is no financing condition associated with the proposed acquisition. Compuware has agreed to immediately discontinue its quarterly cash dividend. At closing, Thoma Bravo will acquire 100% of Compuware’s outstanding shares and Compuware will become a privately-held company.
09:33 EDTCPWRCompuware to be acquired by Thoma Bravo for $10.92 per share
Subscribe for More Information
09:25 EDTCPWRCompuware trading halted, pending news
Subscribe for More Information
06:51 EDTCPWRCompuware volatility is expected to move on talks with PE buyer report
Subscribe for More Information
06:35 EDTCPWRCompuware in advanced talks with PE buyer to sell itself, WSJ reports
According to sources, Compuware is in advanced talks with a private equity buyer in a move to sell itself, the Wall Street Journal reports. A deal could be announced as early as today, one source says. Reference Link

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use