BMC To Buy BladeLogic at $28 A Share

BMC Software (BMC) Monday morning announced a deal to acquire BladeLogic (BLOG) for $28 a share in cash, or about $800 million. BMC says it expects the deal to be slightly dilutive to non-GAAP earnings in fiscal year 2009, including the write-down of deferred revenues and one time integration and retention expenses, and accretive to non-GAAP earnings in fiscal year 2010.

Last week, as I noted in my column in Barron’s over the weekend, Citigroup’s Brent Thill included BladeLogic in a short list of potential software targets in the software sector. Other names on his list: Informatica (INFA), Tibco (TIBX), Check Point Software Technologies (CHKP), THQ (THQI) and Nuance (NUAN).

Monday morning, BLOG is up $3.69, or 15.6%, to $27.30. BMC is off 81 cents, or 2.4%, to $32.97.