BMC Rises on Report That It Hired Bank to Explore Sale
The shares climbed 3.3 percent to $42.85 at the close in New York.
BMC Software, based in Houston, has faced pressure to consider a sale from activist investor Elliott Associates LP, which had a 7.7 percent stake in August, according to data compiled by Bloomberg. The software maker has added two directors chosen by Elliott after earlier refusing to consider a sale and rebuffing his push for the appointment of five board members.
BMC has said that Morgan Stanley is working as its adviser. The New York-based continues to provide financial advice to the company, according to a person with knowledge of the matter.
Mark Stouse, a spokesman for BMC, declined to comment, as did Melissa Kitlowski, a spokeswoman for Charlotte, North Carolina-based Bank of America.
To contact the reporter on this story: Serena Saitto in New York at email@example.com
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org