Bloomberg News

BMC Rises on Report That It Hired Bank to Explore Sale

October 01, 2012

BMC Software Inc. (BMC:US), a maker of software to manage corporate-computer networks, rose after the Wall Street Journal reported that it hired Bank of America Corp. (BAC:US) to explore a possible sale.

The shares climbed 3.3 percent to $42.85 at the close in New York.

BMC Software, based in Houston, has faced pressure to consider a sale from activist investor Elliott Associates LP, which had a 7.7 percent stake in August, according to data (BMC:US) compiled by Bloomberg. The software maker has added two directors chosen by Elliott after earlier refusing to consider a sale and rebuffing his push for the appointment of five board members.

BMC has said that Morgan Stanley is working as its adviser. The New York-based continues to provide financial advice to the company, according to a person with knowledge of the matter.

Mark Stouse, a spokesman for BMC, declined to comment, as did Melissa Kitlowski, a spokeswoman for Charlotte, North Carolina-based Bank of America.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $17.62 USD
    • 0.09
    • 0.51%
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