Last updated: February 19. 2013 10:29PM - 85 Views

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(AP) Elliott Management is offering to buy Compuware for about $2.35 billion.


The New York-based investment firm wants to acquire the software developer for $11 per share. The offer represents a 15 percent premium over Compuware's Friday closing stock price. Compuware shares jumped 14 percent in morning trading.


Elliott currently holds an 8 percent stake in Compuware. It says that while the Detroit-based company has strong assets, its profitability and growth have significantly lagged in recent years.


Elliott says it's confident that it can find financing for such a deal and wants to meet with the company's board as soon as possible.


The offer comes about a month after Compuware founder Peter Karmanos Jr. announced plans to step down as executive chairman next year. He stepped down as CEO in 2011.


Associated Press
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