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Press release from Business Wire

Elliott Comments on Sale of BMC Software for $6.9 Billion

<p class='bwalignc'> <i>Activist Hedge Fund Catalyzed Sale Process</i> </p>

Monday, May 06, 2013

Elliott Comments on Sale of BMC Software for $6.9 Billion

09:24 EDT Monday, May 06, 2013

NEW YORK (Business Wire) -- Elliott Management Corporation, which owns 9.6% of BMC Software (NASDAQ:BMC), commented today on BMC's announced signing of a definitive agreement to be acquired for $46.25 per share – approximately $6.9 billion in aggregate. The transaction represents the culmination of an activist effort that began in the summer of 2012 with a successful proxy contest in which Elliott added two directors to BMC's Board.

“As large and engaged stockholders, we are pleased to have played a constructive role in catalyzing this strategic move,” said Jesse Cohn, a portfolio manager at Elliott. “We think this is a tremendous outcome for BMC's employees, customers and stockholders.”

The bid offered by a private investor group led by Bain Capital and Golden Gate Capital together with GIC Special Investments and Insight Venture Partners represents a substantial premium to BMC's unaffected stock price. “The investor group deserves a great deal of credit for recognizing this exciting investment opportunity,” Cohn said.

Furthermore, the agreement contains a provision that allows BMC to solicit alternative proposals from third parties who have not previously submitted proposals for a period of 30 calendar days. This provision opens the door for the creation of additional stockholder value.

“As BMC embarks on the next phase of its development, we have no doubt that it will remain a formidable and relevant player in the IT Management Software arena,” Cohn said. “We applaud BMC's board and executive team for their leadership in delivering this value-maximizing outcome for stockholders.”

About Elliott Management:

Elliott's two funds, Elliott Associates, L.P. and, Elliott International, L.P., together have more than $21 billion of assets under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds' investors include large institutions, high-net-worth individuals and families, and employees of the firm.

Media:
Sloane & Company
Elliot Sloane
212-446-1860
646-623-4819 (cell)

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