BUYOUT OF BMC SOFTWARE - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
May 6, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent shareholders of BMC Software Inc. in connection with the acquisition of the company. BMC Software (NASDAQ: BMC) (“the Company”) has signed a definitive agreement to be acquired by a private investor group led by Bain Capital and Golden Gate Capital together with GIC Special Investments Pte Ltd (“GIC”) and Insight Venture Partners (collectively, the “Investor Group”).
Under the terms of the agreement, affiliates of the Investor Group will acquire all outstanding BMC common stock for $46.25 per share
The investigation concerns whether the board of directors of BMC obtained the maximum amount for shareholders though a fair and open bidding process, or, while negotiating with Bain and Golden Gate sought equity ownership for themselves as well as other pay packages and persona benefits, representing a conflict of interest in trying to maximize shareholder value. Indeed, analysts project the true takeover value of the company is worth at least $52 per share.
If you are a shareholder of BMC and would like additional information regarding this transaction and your rights as a shareholder, please contact us at 1-877-772-3975 or email at contact @ tripplevy
Tripp Levy PLLC is a national law firm representing shareholders around the globe.
Thank you for posting this. I contacted the firm and they sent me the merger agreement and you are right. There is a provision that says if another company wants to make a higher offer then they have to pay a penalty fee of $210 million. It also says how management is voting in favor of the deal and are keeping their jobs. This is so unfair. Count me in this lawsuit!
I feel what is potentially unfair about this deal is whether the Sr. Mgmt of BMC is working with Bain and Golden Gate in buying the company. I heard they are rolling over their equity in joining the private equty firms so this way they don't have to buy out their shares. This creates a major conflict of interest since they are duty bound to get shareholders the highest price possible but here they are trying to buy the company for the lowest price. Also, did they reject other bids where they couldn't be a part of the buyout group?
And, in the merger agreement there is a provision that says that if another buyer wants to make a higher offer if will have to pay a penalty fee of around $200 million! Obviously, management did that to protect their sweetheart deal at shareholders' expense.