Compuware calculates ratios for Covisint spinoff.
INTERNET BUSINESS NEWS-(C)1995-2014 M2 COMMUNICATIONS
Compuware Corporation (NASDAQ: CPWR) said it has determined the final distribution ratio relating to its distribution of all of its 31,384,920 shares of Covisint Corporation (NASDAQ: COVS) common stock on October 31, 2014, as a pro rata dividend on shares of Compuware common stock, and on shares of Compuware common stock deliverable under restricted stock units relating to Compuware common stock.
Based on the number of Compuware shares outstanding and shares deliverable under RSUs as of October 20, 2014, holders of Compuware common stock will receive 0.14025466 shares of Covisint common stock in the distribution with respect to each outstanding share of Compuware common stock they own at the close of business on the record date, and holders of RSUs will receive 0.14025466 shares of Covisint common stock in the distribution with respect to each share of Compuware common stock deliverable under the RSUs they hold at the close of business on the record date.
Fractional shares of Covisint common stock will not be distributed to Compuware shareholders or RSU holders. Instead, the fractional shares of Covisint common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Compuware shareholders and RSU holders who would otherwise receive Covisint fractional shares.
When the distribution is complete, Compuware will no longer own shares of Covisint common stock.
Compuware Corporation is a technology performance company, existing to help customers optimize the performance of their most important and innovative technologies. Learn more at: http://www.compuware.com.
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|Publication:||Internet Business News|
|Date:||Oct 22, 2014|
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