Mainframe computers have continued to endure, defying decades of technological change and overcoming predictions of their coming extinction. Now, according to the good folks at Forbes, a billionaire New York hedge fund manager is making a big bet on big iron computers. Paul Singer’s Elliot Management, a New York hedge fund firm with $20 billion under management, on Monday offered to purchase Compuware, a provider of software and service solutions for the management of mainframe systems. Singer is a hedge fund titan, not a private equity raider, and it’s rare for him to offer to buy an entire company—although not unheard of.
Elliot has been amassing a big stake in Compuware in recent
weeks and now owns 8% of the company. Singer’s hedge fund is offering $11 per
share in a proposed $2.3 billion leveraged buyout. That offer helped
Compuware’s stock increase on Monday by nearly 14% to just under $11. Elliot’s
offer is not very firm and contingent on the hedge fund doing due diligence and
obtaining “reasonable financing.”
Find out more at http://www.forbes.com/sites/nathanvardi/2012/12/17/billionaire-hedge-fund-manager-bets-on-mainframe-computers/
No comments:
Post a Comment