Investor Says Bain's $7B Bid For Software Co. Is Too Low

Law360, New York (May 17, 2013, 7:46 PM EDT) -- A pension fund that invests in Houston-based BMC Software Inc. on Thursday sued in Delaware Chancery court to challenge a $6.9 billion take-private deal led by Bain Capital LLC and Golden Gate Capital, saying it undervalues the company and cheats shareholders.

The Alaska Electrical Pension Fund, which invests in BMC, contends that the business software company is set to continue to grow, and that while management will keep its equity stake when the firm goes private, shareholders are stuck cashing out at $46.25 per share....
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