Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott”) notified BMC that it had acquired beneficial ownership of more than 5% of BMC’s common stock and would soon be filing a Schedule 13D with the Securities and Exchange Commission.
Elliott has also notified BMC of its intent to nominate a slate of five nominees to stand for election at BMC’s 2012 Annual Meeting of Stockholders. Elliott has informed BMC that the nomination of its slate is in connection with its proposal that the Board form a special committee to pursue a sale of the Company.
BMC's board considered Elliott’s proposal and unanimously determined that such proposal is not in the best interests of BMC stockholders, and that now is not the right time to pursue such a sale.
Bob Beauchamp, BMC's chairman and chief executive officer, said “As a public company, we are always open to any alternative that fully reflects the value and prospects of the Company. We do not believe the Elliott proposal is in the best interests of our stockholders.”
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