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The Compuware Headquarters at Campus Martius is one of 62 buildings in Detroit to earn an Energy Star label

(Jonathan Oosting | MLive.com)

DETROIT, MI - Compuware and New York City-based hedge fund Elliott Management agreed Monday to extend a "standstill" phase until Sept. 15, which means the latter cannot make any buyout offers or reveal private information about the software maker until then, the Detroit Free Press reports.

Compuware rejected $2.3 billion a buyout bid from Elliott Management earlier this year. Elliott Management's original bid for the company amounted to about $11 per share. Compuware's shares closed at $10.49 on Monday.

Along with the standstill extension, Compuware moved its July 31 deadline for the period to nominate directors to its 11-member board to Oct. 31, and the company’s annual meeting – originally scheduled for August – will be sometime “on or prior to” Dec. 31, the Free Press reports.

In May, the Wall Street Journal reported that Bain Capital could be among private-equity firms in discussions for the purchase of Compuware.

Fresh off buying Houston-based BMC Software, Bain and the other firms reportedly believe the purchase of Compuware, based in Detroit, could lead to cost savings and other synergies, the WSJ reported, citing anonymous sources.

Elliott owns shares in both Compuware and BMC.