BMC Software (BMC: sentiment, chart, options) is trading on a loss of more than 5% after the firm said it has agreed to acquire BladeLogic (BLOG: sentiment, chart, options) for $28 per share, or about $775.1 million. The acquisition will take the form of a tender offer for BLOG's outstanding common shares, followed by a second-step merger. BMC noted that the purchase of BLOG, a data-center automation company, will enhance information technology operational efficiency for its customers.

BladeLogic's board has unanimously recommended that shareholders accept BMC's buyout bid, and tender is expected to begin within the next 10 days. BMC says the BLOG purchase is expected to be slightly dilutive to fiscal 2009 adjusted earnings per share, and accretive to fiscal 2010 adjusted earnings per share.

While BMC shares have taken a hit in early trading, BLOG has spiked 16% higher to $27.39. Option traders are favoring the March 30 BMC put at midday. So far, this out-of-the-money contract has traded volume of 1,057 on open interest of 2,844.