January 28, 2013 – Compuware Corp., the business- software maker is rebuffing a buyout offer from Elliott Management Corp.

Elliott Management’s offer of $11 a share significantly undervalues the company, Bob Paul, chief executive officer of Compuware, said in a statement late Friday. Compuware is cutting annual costs by $60 million, initiating a dividend and spinning off its remaining Covisint shares to deliver “meaningful value” for shareholders, he said.

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