Reuters: Private Equity: UPDATE 1-Elliott nominates directors to BMC Software's board

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UPDATE 1-Elliott nominates directors to BMC Software's board May 15th 2012, 12:37 Tue May 15, 2012 8:37am EDT May 15 (Reuters) - Hedge fund group Elliott said it nominated a slate of five directors to BMC Software's board, a day after the business software maker adopted a shareholder rights plan to help stave off a potential acquisition. The hedge fund, which owns a 5.5 percent stake in BMC, expressed disappointment in the company's disinterest in "exploring opportunities". In a letter to the BMC, Elliott said the board should immediately engage in a serious effort to pursue a sale of the company, and urged a full review of strategic alternatives. On Monday, Elliott notified BMC that it had acquired a more that 5 percent stake in the company and that it plans to nominate a slate of directors. Shares of BMC Software closed at $43.92 on Monday on the Nasdaq.

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