ARGUS Downgrades BladeLogic (BLOG) to Sell
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ARGUS downgrades BladeLogic Inc. (Nasdaq: BLOG) from Hold to Sell.
ARGUS analyst, Jackson N. Turner, says, "We are lowering our rating on BladeLogic to SELL from HOLD, pending the company's purchase by BMC Software (Nasdaq: BMC). BMC Software has reached a deal to acquire BLOG for $28 per share in cash. The shares jumped on the news and are now trading just below the offer price. We expect the deal to be approved, which would offer further upside of less than 1%; the downside potential is much greater if the agreement falls through. Furthermore, we believe that the company's operating performance could suffer, as management appears to be distracted by the pending acquisition. As a result, we recommend investors sell their shares now rather than wait for the deal to close."
BladeLogic, Inc. is a provider of data center automation software to enterprises, service providers, government agencies and other organizations in North America, Europe and Asia.[SM]
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