Compuware Completes Covisint Spin-Off

(RTTNews) - Compuware Corp. (CPWR) said Friday that it has completed its previously announced distribution of all of its 31,384,920 shares of Covisint Corp. (COVS) common stock 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, outstanding on October 20.

With the completion of the distribution, Compuware no longer owns shares of Covisint common stock.

Compuware common stock trades on Nasdaq under the symbol "CPWR," while Covisint common stock trades on Nasdaq under the symbol "COVS."

Earlier this month, the Compuware board had approved the distribution of all of its equity interest in Covisint to Compuware shareholders and holders of Compuware restricted stock units.

Early last month, Compuware agreed to be acquired by private equity firm Thoma Bravo LLC in a deal valued at about $2.5 billion. The deal is expected to close by early 2015.