Exclusive: BMC Software draws another activist investor

Reuters News
Posted: May 15, 2012 1:24 PM
Exclusive: BMC Software draws another activist investor

NEW YORK (Reuters) - Corvex Management LP, which was founded by former Carl Icahn veteran Keith Meister, is expected to reveal it has taken a stake in technology company BMC Software Inc <BMC.O>, sources close to the matter said on Tuesday.

Corvex's position in BMC could add to the pressure the company has been facing from hedge fund Elliott Management, which has launched a proxy battle and is pushing BMC to sell itself. BMC has a market value of $7.2 billion.

The size of Corvex's stake could not be determined and it could not be learned whether the hedge fund would agitate for change at the company. The stake is expected to be revealed Tuesday in a filing with U.S. regulators, the sources said.

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Corvex and BMC Software declined to comment.

(Reporting By Nadia Damouni; Editing by Paritosh Bansal; Editing by Gerald E. McCormick)