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  "documentTitle": "BMC Software (BMC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2012-05-31 00:00:00",
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      "text": "Several traditional on-premise enterprise software vendors subject to similar market and competitive forces that BMC faces today delivered significant premiums to stockholders by objectively evaluating alternatives and concluding a sale was in stockholder's best interest.",
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      "text": "BMC's traditional competitive \"sweet spot\" is under assault from the \"Big 3\" larger infrastructure software and fast-growing niche players. Competition continues to intensify and will continue unabated.",
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      "text": "New models such as virtualization, on-demand delivery and cloud services have upended old paradigms. Investors are keenly focused on new models and rewarded them with successful IPOs.",
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      "text": "Source: Capital IQ, 451 Research. 1. Represents market capitalization as of 05/25/12. 2. Represents one day premium to unaffected stock price on 9/19/10.",
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      "text": "Systems Mgmt / Infrastructure - M&A table showing TEV, LTM EBITDA Multiple, and Spot Premium Paid for Netezza, ArcSight, McAfee, Quest, Sun, and Novell.",
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      "text": "Next Gen / SaaS Systems Management IPOs table showing Equity Value at IPO, Current Equity Value, and % Appreciation for SolarWinds, VMWare, and Splunk.",
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