Compuware Reaches Deal With Elliott Management On Board Nomination

(RTTNews) - Compuware Corp. (CPWR) announced Thursday that it has reached an agreement with Elliott Management that includes the nomination of two new members to Compuware's Board of Directors and provides for the creation of an advisory committee to assist in the Company's ongoing review and advise the Board on strategies to further enhance the company's value and the value it delivers to shareholders.

As per the agreement, Elliott has agreed to a limited set of standstill and voting provisions, including voting in favor of Compuware's proposed slate of directors at the company's upcoming annual meeting of shareholders. The agreement is effective until the earlier of December 31, 2014 and 30 days before next fiscal year's deadline for shareholder nominations.

As part of the agreement, John Freeland and Stephen Schuckenbrock will be added to the company's slate of nominees for election to the Compuware Board of Directors at its 2013 annual meeting of shareholders, which is scheduled to occur in March of 2014.

The slate of director nominees also includes Jeffrey Clarke, Jennifer Raab, David Fubini and Lee Roberts, who all joined in 2013, and incumbents William Grabe, Fritz Henderson, Gurminder Bedi, Faye Nelson and Bob Paul. As a result of these changes, the Compuware board will continue to be comprised of 11 directors, 10 of whom are independent and 6 have been added in the past twelve months.