I've seen these types of situations play out before, and basically what generally happens is one of two things: 1) the management of the corporation makes some changes to take the wind out of the sails of the activist investor(s), or 2) the management of the corporation is replaced by people chosen by the activist investors. It's clear that Elliot Management has no interest in what BMC does, and is completely focused on the stock price going up so they can sell and make a profit as quickly as possible. Based on what I've seen in the news, it doesn't look like BMC's senior management is budging even an inch, and it's likely that folks from Elliot have been focused on getting the institutional stock holders on board with a sale.
Personally, I think a sale could be a good thing (or it could be terrible, but I prefer to be optimistic.) Dell, for example, has nothing like BMC's toolset, so it wouldn't be a matter of trying to kill off Remedy or anything else if they bought it. IBM I would be a little less positive about since they supposedly have a competitor to Remedy with some modules of Tivoli, and Oracle is too complex to say one way or another at this point. In any case, I think Remedy itself is a strong enough product someone would have to be extremely foolish (like Peregrine's management) to try to get rid of it. Thanks, Shawn Pierson Remedy Developer | Energy Transfer From: Action Request System discussion list(ARSList) [mailto:[email protected]] On Behalf Of Rick Cook Sent: Wednesday, June 20, 2012 9:01 AM To: [email protected] Subject: Re: BMC proxy fight - Elliot Mgmt ** I am wondering what Elliott's end game is. Are they simply trying to make stock they own more valuable, or do they have M&A ideas? Their actions thus far could lead in either direction. Rick On Jun 20, 2012 9:55 AM, "pritch" <[email protected]<mailto:[email protected]>> wrote: Annual meeting is July 25, so I wouldn't expect any fireworks until around then. The interesting thing is one of the votes on the agenda is: 5. TO VOTE ON A STOCKHOLDER PROPOSAL SUBMITTED BY ELLIOTT ASSOCIATES, L.P. AND ELLIOTT INTERNATIONAL, L.P. REGARDING THE REPEAL OF PROVISIONS OR AMENDMENTS OF THE COMPANY'S AMENDED AND RESTATED BYLAWS, AS SET FORTH IN THE PROXY STATEMENT. While there's no other details that I can find, I'm assuming this is the repeal of the poison pill amendment that was adopted by the board. Will be interesting to see how the stockholders feel. ----- Original Message ----- From: "Kelly Logan" <[email protected]<mailto:[email protected]>> To: [email protected]<mailto:[email protected]> Sent: Wednesday, June 20, 2012 9:11:52 AM Subject: BMC proxy fight - Elliot Mgmt ** Regarding the links that Joel noted (see below), does anyone else have some insight into the accusations made by Elliot Mgmt? Personally, I'm glad that BMC did not completely lose themselves in SaaS, what I see as another 'bubble' technology that will be bursting in the next few years as companies realize how little value they get from most SaaS vendors, and how much they have to spend to do even the most basic customization. What are opinions on the sales and other issues? Any sales/partners that would like to chime in on this? ** This may explain the silence: http://www.informationweek.com/news/software/infrastructure/240002100 http://www.marketwatch.com/story/bmc-software-responds-to-elliott-managements-letter-2012-05-21 http://www.marketwatch.com/story/elliott-files-definitive-proxy-statement-for-bmc-software-2012-06-14 http://blogs.wsj.com/deals/2012/06/12/bmc-software-fights-back-against-elliott-says-its-not-for-sale/ Joel Joel Sender [email protected]<mailto:[email protected]> 310.829.5552<tel:310.829.5552> Kelly Logan , Sr. Systems Administrator (Remedy, Planview), GMS ProQuest | 789 E. Eisenhower Parkway, P.O. Box 1346 | Ann Arbor MI 48106-1346 USA | 734.997.4777<tel:734.997.4777> [email protected]<mailto:[email protected]> www.proquest.com<http://www.proquest.com> ProQuest ...Start here. 2010 InformationWeek 500 Top Innovator P Please consider the environment before printing this email. This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender, and delete the message from your computer . _attend WWRUG12 www.wwrug.com<http://www.wwrug.com> ARSlist: "Where the Answers Are"_ _______________________________________________________________________________ UNSUBSCRIBE or access ARSlist Archives at www.arslist.org<http://www.arslist.org> attend wwrug12 www.wwrug12.com<http://www.wwrug12.com> ARSList: "Where the Answers Are" _attend WWRUG12 www.wwrug.com ARSlist: "Where the Answers Are"_ Private and confidential as detailed here: http://www.sug.com/disclaimers/default.htm#Mail . If you cannot access the link, please e-mail sender. _______________________________________________________________________________ UNSUBSCRIBE or access ARSlist Archives at www.arslist.org attend wwrug12 www.wwrug12.com ARSList: "Where the Answers Are"
