May 6, 2013 – BMC Software Inc., the software maker that abandoned a sale last year, has agreed to be taken private by a group led by Bain Capital LLC and Golden Gate Capital for $6.9 billion.
The buyout investors, which also include GIC Special Investments Pte Ltd. and Insight Venture Partners, agreed to pay $46.25 a share in cash, BMC said in a statement today. Elliott Associates LP, which owns a 9.6 percent stake, will vote in favor of the transaction, BMC said.
BMC held talks last year with buyout firms amid pressure from activist investor Elliott Associates before deciding to buy back $1 billion in shares instead. BMC attracted renewed interest in March stemming from the upcoming expiration of Elliott’s standstill agreement, a person familiar with the situation said at the time. Elliott is the second-largest shareholder in BMC, according to data compiled by Bloomberg.
Shares of BMC, which have climbed 15 percent this year, were halted in early U.S. trading. They rose less than 1 percent to $45.42 on May 3, giving the software maker a market capitalization of about $6.5 billion.
BMC sells software that manages fleets of computer servers and mainframes, configuring new machines and applying updates to older ones. The company does business in two areas – a unit that makes software for managing server networks and the other for mainframe products.
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