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COVISINT CORP FILES (8-K) Disclosing Other Events(Edgar Glimpses Via Acquire Media NewsEdge) Item 8.01: Other Events On October 10, 2014, Covisint Corporation ("Covisint") issued a press release announcing that the board of directors of its parent, Compuware Corporation ("Compuware"), has approved a distribution of all of Compuware's equity interest in Covisint to the shareholders of Compuware common stock and holders of restricted stock units relating to Compuware common stock ("RSUs") and has determined the approximate distribution ratio, record date and distribution date for the spin-off. The Compuware board of directors authorized the distribution of Compuware's shares of Covisint common stock (31,384,920 shares as of the date of the press release) on October 31, 2014, the distribution date, as a pro rata dividend on shares of Compuware common stock, and on shares of Compuware common stock deliverable under, RSUs, outstanding at the close of business on the record date of October 20, 2014. Based on the number of Compuware shares outstanding and shares deliverable under RSUs as of October 8, 2014, holders of Compuware common stock are expected to receive approximately 0.1402 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 are expected to receive approximately 0.1402 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. The actual distribution ratio for the Covisint common stock to be distributed per share of Compuware common stock and per RSU will be determined based on the actual number of shares of Compuware common stock outstanding on the record date and shares deliverable under RSUs outstanding on the record date. A copy of the press release announcing the approval of the distribution, the distribution date, the record date and the approximate distribution ratio is attached hereto as Exhibit 99.1 and incorporated herein by reference. |