Jan 25 Business software maker Compuware Corp
turned down hedge fund Elliott Management Corp's
proposal for a $2.3 billion buyout, choosing instead to proceed
with spinning-off a non-core unit.
Paul Singer's Elliott Management had offered to buy
Compuware for $11 per share in December, raising questions about
the management of the company.
On Friday, Compuware said it would proceed with the IPO of
its Covisint unit, which sells cloud software, and then spin it
off to its shareholders.
Compuware's board also approved an annual dividend of 50
cents per share starting from the first quarter of fiscal 2014.
Compuware shares closed at $10.75 on Thursday on the Nasdaq.