Reuters: Regulatory News: UPDATE 1-Elliott calls for election of four nominees to BMC board

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UPDATE 1-Elliott calls for election of four nominees to BMC board Jun 14th 2012, 13:46 June 14 | Thu Jun 14, 2012 9:46am EDT June 14 (Reuters) - Elliott Management, a $20 billion activist hedge fund run by Paul Singer, wrote to BMC Software Inc asking for the election of four of its nominees to the company's board of directors. Elliott Management, which owns a 6.5 percent stake in BMC, has repeatedly called for the company to sell itself and appoint new directors. "We have conducted an exhaustive analysis of BMC and have concluded that there exists significant unrealized value at the company," Jesse Cohn, a portfolio manager at Elliott, said in the letter. Cohn criticized the company's current board, saying that it "lacks background and insight into the key issues," and alleged that BMC had adopted a "bunker mentality" by putting in place a 10 percent poison pill without stockholder approval. BMC shares were trading almost flat at $43.21 on Thursday on the Nasdaq.

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