Original Story: freep.com
Shareholders of Detroit-based Compuware voted to approve the company's purchase by a private equity firm in California.
More than 99% of Compuware shareholders voted for the $2.4 billion deal during a special meeting Monday, according to a news release. The acquisition of the company by San Francisco-based Thoma Bravo is expected to happen before the end of the month, the release said. A Detroit M&A attorney is following this story closely.
"The acquisition by Thoma Bravo provides a great value proposition for Compuware's shareholders and we are very pleased with the level of support this transaction has received from our shareholders," Compuware CEO Bob Paul said in a statement.
Compuware shareholders are in line to receive an aggregate value of $10.75 per share.
A business software and computer services company, Compuware had 3,000 employees worldwide this fall, including about 1,200 in the Detroit area.
Compuware has disclosed plans to split off its declining mainframe computer business from its faster-growing application performance management business, known as Dynatrace, leaving the Compuware name with the mainframe unit once the acquisition deal closes. A Memphis business lawyer is reviewing the details of this case.
When the deal was announced in September, Compuware's CEO said he expected the company to remain in Detroit with management staying in place. But he couldn't rule out layoffs under the new owner.
Top Compuware executives could get nearly $24 million in golden parachute compensation if the new owner tries to fire them without cause.
Last month the company announced a deal to sell its prominent headquarters building around Campus Martius for $142 million to Quicken Loans founder Dan Gilbert and Meridian Health. Compuware will continue to lease space in the building.
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