The Delaware Court of Chancery last week decided the merger price in the going-private sale of BMC Software Inc. reflected the fair value of the company, denying an appraisal arbitrage fund’s bid to show BMC’s stock was grossly undervalued.
The decision in Merion Capital v. BMC Software stemmed from the 2013 sale of BMC, previously a publicly traded Delaware corporation, to a consortium of investment firms, including Bain Capital LLC and Golden Gate Private Equity Inc., which Vice Chancellor Sam Glasscock III referred to in his Oct. 21 opinion as the “buyer group.”
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