{ "docId": "019dd923-622c-750b-8b9c-2e2276933d3a", "docSlug": "b3d6851b3cc0", "documentTitle": "BMC Software (BMC)", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-05-31 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 47, "pageCount": 72, "prevPage": 46, "nextPage": 48, "slideType": "thesis_headline", "function": "propose_solution", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a classic activist investor 'thesis' slide, outlining the 'why' (unlocked value) and the 'how' (new board members + strategic review).", "elementsJson": [ "headline_text", "bullet_list", "numbered_list", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-2e2276933d3a/47", "deckHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a#slide-47", "components": [ { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.81 }, "kind": "callout", "text": "There are Multiple Pathways for BMC to Create Significant Value for Stockholders - All of Which Can be Explored With a More Impactful Board", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "abef88da-e022-4796-b933-7ba33fc086a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "list", "text": "Value is derived from attractive assets of well-integrated, mission-critical products; meaningful customer presence and relevance to tens of thousands of IT organizations", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "427ced84-af9a-413a-b2b2-83bf0c6d15e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.46 }, "kind": "list", "text": "If Elliott's slate of Directors is elected, we believe there would be no \"sacred cows\" and a thorough review of alternatives will be conducted to increase stockholder value:", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e9459f4-d40b-4e37-a83d-d56a839855d3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "list", "text": "To unlock BMC's full potential, Elliott believes that BMC's Board needs members who are strong leaders and who offer fresh perspectives and new ideas. We propose that our nominees, who consist of respected technology industry executives and will work to maximize stockholder value, join BMC's Board", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "71a04f1e-d024-40af-90b9-79c1e1be1d52", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "list", "text": "Explore a potential sale to a financial sponsor: Private Equity buyers will be interested in the whole business and/or in MSM at prices attractive to stockholders, and can also partner with strategics", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "08d99f6e-1b9f-4d90-889f-20801e49b3c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "list", "text": "Benefit from a more engaged Board who would assist with exploration of a strategic and operational review", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8bb06eaa-d1e6-4448-a4b5-c6fb53c74e6e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "list", "text": "Explore more efficient capital structures and potential returns of capital to stockholders", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9eebb37e-e776-401b-8b33-9b8603f5bc1e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "list", "text": "Explore a sale to a strategic acquirer: We believe BMC is currently attractive to multiple acquirers at a premium price", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c5e2671e-e96a-4a0e-b064-9439c3912768", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "title", "text": "BMC possesses significant, unlocked value that we believe should be realized for stockholders", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6086e522-40f7-469b-8693-6d80e7891443", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.11, "y": 0.1 }, "kind": "title", "text": "Increasing BMC's Value to Stockholders", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "680990c5-dc96-4d2e-bc1c-219c8fd71a4f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "action-titles", "slug": null, "matchId": "e1650304-463b-4eb5-9c8a-971293b60cec", "evidence": "The slide uses a clear, thesis-driven headline that summarizes the entire argument.", "confidence": 0.9 } ], "arcBeats": [ { "to": 48, "from": 47, "beatId": "ced604c6-29d2-412f-9c85-36b840d77bf1", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Thesis Headline", "beatSlug": null, "evidence": "The thesis headline is presented on page 47", "position": 2, "confidence": 0.9, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }