NEW YORK (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.