BMC Software Inc. (BMC) Tuesday urged its shareholders to back its slate of Board nominees at its annual shareholders meet next month, in a bid to stave off an attempt by its largest shareholder Elliott Management to install its preferred nominees.
Elliott Management, which last month acquired a five percent stake in BMC, has been exhorting BMC to consider a sale of the company, citing under performance and loss of shareholder value. BMC rejected the proposal and embarked on a shareholder rights plan, or poison pill, to thwart such a move.
In a communique today, BMC Software called upon stockholders to protect the value of their investment by voting for "all ten director nominees." The BMC Board believes that Elliott has failed to recognize the company's strong market position and growth potential. Houston, Texas-based BMC noted that its services revenue grew 10 percent for the fourth quarter and 21 percent for the full fiscal year.
According to BMC, Elliott has proposed to replace four BMC directors with its own nominees, which the company contends will not effectively represent the interests of all BMC stockholders.
BMC is trading on the Nasdaq at $42.95, up $0.48 or 1.13%.
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