This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BMC Software Announces New $1 Billion Share Repurchase Authorization

BMC Software’s (NASDAQ: BMC) board of directors has approved a new $1 billion share repurchase. At today’s prices, this repurchase would equal approximately 15 percent of the Company’s current shares outstanding.

BMC anticipates completing this new $1 billion share repurchase within the next 12 months. Of that amount, the Company expects $750 million to be executed via an accelerated share repurchase agreement to be entered into within its fiscal third quarter ending December 31, 2012. BMC expects to fund this program with cash on hand as well as other sources of available liquidity.

The decision to authorize this new program comes after a thorough strategic review by the Company’s board of directors.

“On a regular basis, BMC and its board review a broad array of strategic paths toward maximizing shareholder value – we feel it is responsible policy for a public company,” said Bob Beauchamp, BMC’s chairman and chief executive officer. “After a series of discussions with major shareholders earlier this year, we took an even more rigorous approach to our regular review, including designating four board members as a working group to oversee it.”

With assistance of outside advisors, the Company regularly considers a range of alternatives -- splits, spins, transformational acquisitions, sale, and capital structure -- along with internal investment strategies and independent public company paths to success. This year, a working group made up of four members of the Company’s board led and oversaw the review. The working group included two of BMC’s newest directors -- Jim Schaper and John Dillon -- as well as Lou Lavigne and Mark Hawkins. After evaluating the results of this extensive review, BMC’s board of directors unanimously agreed that the repurchase program is the best outcome for BMC’s shareholders.

“As chairman of the working group that oversaw this review, I was impressed and very pleased with the diligence and focus of management, the board and our external advisors. I am very confident in the process and the results,” Schaper said.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs