Starboard Delivers Letter To Compuware CEO And Board Of Directors
Urges Company to Maximize Shareholder Value by Either an Immediate Sale of the Company for an Acceptable Premium or by Implementing a New Restructuring Plan and Reconstituting the Board
Presents Detailed Views on an Acceptable Restructuring Plan Should Compuware Remain Standalone
Plan Includes $450 million Tender Offer, Sale of Non-Core Assets, Additional Cost Reduction Opportunities, and Dividend Increase to $0.60 Per Share
Expresses Lack of Confidence in Current Board's Ability to Properly Oversee and Execute Standalone Value Creation Plan and Urges Additional Changes to Board Composition if Company is Not Sold
NEW YORK, Nov. 14, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Compuware Corporation ("Compuware" or the "Company") (NasdaqGS: CPWR) with just under 5% of the outstanding common stock of the Company, today announced that it has delivered a letter to the Company's President and CEO, Bob Paul, and the Company's Board of Directors.
The full text of the letter is available for viewing at the following link: http://tinyurl.com/StarboardLetterCompuware
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
Tom Cusack, (212) 201-4814
SOURCE Starboard Value LP