UPDATE: Jefferies Downgrades BMC Software to Hold Following Proposed Acquisition
In a report published Thursday, Jefferies analyst Aaron Schwartz downgraded the rating on BMC Software (NASDAQ: BMC) from Buy to Hold, and lowered the price target from $48.00 to $46.25.
In the report, Schwartz noted, “We are downgrading BMC to a Hold from a Buy following the proposed acquisition of the company by a financial sponsor consortium led by Bain and Golden Gate Capital. The proposed transaction contains a ‘go-shop' period through June 5 with an additional 10 day ‘cut-off' date but we do not expect any competing or superior offers and therefore expect the transaction to close in its current form.”
BMC Software closed on Wednesday at $45.34.
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