Name of registrant as specified in its charter na name of persons filing proxy statement, if other than the registrant payment of filing fee check the appropriate box. Bmc software continues to evolve after 36year ride. The company provides information technology it management solutions for large, midsized and small enterprises and public sector organizations. Jason began his bmc career first as a partner in his native new zealand, and then joined the company in australia in 1998. The elliott corporation was founded by paul singer, who is ceo of the management company.
Jan 28, 2016 the activist is an accelerant, especially on issues like replacing the ceo. May 06, 20 elliott is a shareholder in business software company attachmate, alongside golden gate, thoma bravo, and francisco partners. May 15, 2012 corvex management lp, which was founded by one of activist investor carl icahns longtime associates, has taken a stake in technology company bmc software inc, according to a federal filing. Mar 20, 20 the 10 activist investors you should know.
In turn, bmc responded by issuing a press release and adopting a poison pill. Business software maker bmc software inc, whose anemic growth has been a source of frustration for its largest shareholder, said it would be taken private by a. May 06, 20 the activist hedge fund last year revealed that it was a major shareholder eventually taking a 9. Bmc stock was originally traded on nasdaq under the symbol bmcs and on the new york stock exchange with symbol bmc, but the. Activist shareholder letters are letters written by activist investors and sent to the company, often demanding a certain change to maximize shareholder value.
Shareholder right to appraised fair value now considered form of activist investing. Bmc deal shows how activist playbook brings profit. The activist hedge fund last year revealed that it was a major shareholder eventually taking a 9. Its net income almost doubled over the same time frame. It is remarkable that activist investors can achieve the success they do, given they are limited to external information and sources. In january 2012, elliott management became the biggest shareholder in bmc with a 9. Bmc had expanded the number of directors on its board of directors. Fletcher said this allowed bmc to leave the activist shareholder saga behind. If you are interested in discussing your rights as an bmc stockholder, with no obligation or cost to you, please contact u. Bmc to manage their business services and applications across distributed, mainframe, virtual and cloud environments.
Bmc software appoints peter leav as president and ceo. It is remarkable that activist investors can achieve the success they do, given. In 2012, it was confronted by activist shareholders as elliott associates and elliott international acquired more than 5 percent of bmcs common stock. Bmc backs 2 of 5 nominees originally proposed by hedge fund elliott agrees to standstill restrictions hedge fund had been pushing bmc to sell itself. For example, in may 2012, the activist hedge fund elliott management wrote a letter to board members of bmc software. Get breaking news and analysis on bmc software, inc. He stated that there is an opportunity to enhance shareholder value by. Qlik tech targeted by activist elliott with new stake. The main premise is that activist investors cannot force their ideas on companies. Directors prepare for shareholder activism corporate. Directors prepare for shareholder activism by thinking more like activists themselves. Provides software for managing operations, sales, planning, and other enterprisewide functions. It has focused on several tech companies, like bmc software, but also has investments in other sectors. Thats why more than 20,000 it organizations from the global 100 to the smallest businesses in over 120 countries rely on bmc software nasdaq.
During his tenure, he oversaw the communications strategy regarding a major activist shareholder that resulted in bmc going private last year. Elliott is a shareholder in business software company attachmate, alongside golden gate, thoma bravo, and francisco partners. It is the management affiliate of american hedge funds flagship elliott associates l. Elliott management corporation is an american investment management firm. Directors prepare for shareholder activism corporate governance. Every reader should familiarize themselves with the move elliott management tried with systems software provider bmc software. Bmc software bmc elliott management increased its holding to,692,000 shares 9. Prnewswire bmc, a kkr portfolio company and a global leader in it solutions for the digital enterprise, today announced the signing of a definitive. To be your own activist, management and the board should be open to ideas, encourage debate, challenge the status quo, seek outside opinions, and most of all be proactive.
In may last year the activist fund presented its case for why the software company should be sold. Soft shareholder activism doron levit september 10, 2018 this paper studies communications between investors and rms as a form of corporate governance. Bmc software draws another activist investor reuters. Merion has filed at least 10 appraisal actions in delaware, including two challenging the acquisitions of and bmc software. Sep 01, 2016 fletcher said this allowed bmc to leave the activist shareholder saga behind. Hedge fund presentations by worlds renowned activist. Bmc agrees to nominate two elliott board members marketwatch. Bmc software continues to evolve after 36year ride houston. May 06, 20 houstonbased bmc has been under pressure from shareholder elliott management corp. Jan 28, 20 activist shareholder elliott associates lp pressed bmc to consider a sale last year, unsettling customers and making it harder for the company to clinch deals, bmc chief executive officer bob. The influence of activist investors on shareholder returns. It is also one of the largest activist funds in the world it is the management affiliate of american hedge funds elliott associates l. Bmc offers saasbased and onpremise software and services in areas including cloud computing, it service management, automation, it operations, and mainframe. I doubt that bmc would have gone private if the activist investor hadnt gotten involved, fletcher said.
These letters are a great read for any aspiring investor because they lay out the thought process of the worlds most renowned investors. Singer began a proxy fight for board seats at bmc software, inc. Does the activist push companies to distribute capital in a harmful way. Fee computed on table below per exchange act rules 14a6i1 and 011. Corvex management lp, which was founded by one of activist investor carl icahns longtime associates, has taken a stake in technology company bmc software inc. Delivering business service management, bmc solutions span enterprise systems, applications, databases and service management. A year after a leveraged buyout that activist supported, mr. Eric deritis, who was hired last december, will transition into stouses role that included communications. The software maker had begun soliciting bids after activist investor paul singers elliott management corp. Bmc is due to announce firstquarter earnings on may 7. In 2012, elliott management tried to shake things up at houstonbased bmc software. The elliott corporation was founded by paul singer, who is ceo of the management company, based in new york city.
Activist shareholder elliott associates lp pressed bmc to consider a sale last year, unsettling customers and making it harder for the company to. Jul 31, 2014 stouse is leaving his second tour at bmc software after more than two years on the job. Houstonbased bmc has been under pressure from shareholder elliott management corp. Bmc software ceo opens up about living with activist elliott.
Kkr said tuesday it is buying the houstonbased software company from a group that includes bain capital private equity and golden gate capital along with insight venture partners, hedge fund elliott management corp. Stouse is leaving his second tour at bmc software after more than two years on the job. It is also one of the largest activist funds in the world. Bmc software has had a bumpy year as an activist shareholder has tried to take the company private. Provides software for managing operations, sales, planning, and other enterprisewide. The activist is an accelerant, especially on issues like replacing the ceo. In turn, bmc responded by issuing a press release and adopting a poison pill1 shortly after, elliott. All of this is driven by the fact that hedge funds are looking for new business outside the mainstream activist sphere. Bmc stock, price quote and chart, trading and investing tools. He is responsible for worldwide sales for the companys enterprise solutions organization business unit.
929 538 319 1289 567 1019 757 989 1278 1242 299 1588 731 638 428 1340 1473 1512 1399 1192 456 1411 762 279 258 38 883 701 1271