Tuesday, May 15, 2012

BMC Software: No Thank You, We're Not Selling

Houston-based BMC Software gave its official word today to the group of investors led by Elliott Associates, on the firm's push for sale of the company: no thank you. If BMC's adoption of a "poison pill" to fend off an attempt by Elliott to gain control of the publicly held company wasn't enough, BMC said it was "open to alternatives that fully reflect the value and prospects of the Company" but that its committee decided that "pursuing a sale at this time is not in the best interests of stockholders." Elliott said Monday that BMC should look for a sale of the company to realize more value for its shareholders, as the group of investors has been buying up stock in the company.