May 13, 2013 (Shareholders Foundation) - An investor, who currently hold NASDAQ:BMC shares, filed a lawsuit in effort to stop the proposed takeover of BMC Software, Inc. by Bain Capital and Golden Gate Capital together with GIC Special Investments Pte Ltd and Insight Venture Partners for $46.25 per NASDAQ:BMC share.
On May 6, 2013, BMC Software, Inc. announced that it has signed an agreement to be acquired by a private investor group led by Bain Capital and Golden Gate Capital together with GIC Special Investments Pte Ltd and Insight Venture Partners (collectively, the “Investor Group”). Under the terms of the agreement, affiliates of the Investor Group will acquire all outstanding BMC Software, Inc. common stock for $46.25 per share in cash, or approximately $6.9 billion.

However, the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BMC stockholders by agreeing to sell the company too cheaply via an unfair process.

Indeed, at least one analyst has set the high target price for NASDAQ:BMC shares at $52.00 per share.

In addition, BMC Software’s financial performance improved lately. For instance, BMC Software, Inc. reported that its Total Revenue rose from over $1.87 billion for the 12 months period that ended on March 31, 2009 to over $2.17 billion for the 13 months period that ended on March 31, 2012. Furthermore, shares of BMC Software, Inc. (NASDAQ:BMC) traded in 2011 as high as $56.17 per share.

On May 13, 2013, NASDAQ:BMC shares closed at $45.46 per share.