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Monday, December 17, 2012

Elliott bids for Compuware after seeking sale at rival, (NASDAQ: BMC)

Activist hedge fund Elliott Management Corp offered to purchase business software maker Compuware Corp for $2.3 billion, seven months after it pushed for a sale of rival BMC Software Inc.Elliott, which disclosed an 8 percent stake in Compuware on Monday, is known for publicly agitating companies to seek a sale or to take control of the board.The hedge fund, founded and run by publicity-shy Paul Singer, used a similar tack with Novell and Blue Coat Systems, resulting in the sale of those companies.BMC, in which Elliott affiliate Elliott International Capital holds a roughly 8 percent stake, agreed in June to add two of the hedge fund's nominees to its board.

BMC Software, Inc. (BMC) is a software company. The Company provides information technology (IT) management solutions for large, mid-sized and small enterprises and public sector organizations around the world. Shares of BMC traded higher by 1.72% or $0.69/share to $40.87. In the past year, the shares have traded as low as $31.62 and as high as $45.70. On average, 1370510 shares of BMC exchange hands on a given day and today's volume is recorded at 1491492.