<SEC-DOCUMENT>0001193125-16-648401.txt : 20160831
<SEC-HEADER>0001193125-16-648401.hdr.sgml : 20160831
<ACCEPTANCE-DATETIME>20160714172710
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-648401
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bazaarvoice Inc
		CENTRAL INDEX KEY:			0001330421
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				202908277
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10901 STONELAKE BLVD.
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759
		BUSINESS PHONE:		512-551-6000

	MAIL ADDRESS:	
		STREET 1:		10901 STONELAKE BLVD.
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DLA Piper</B><B> </B><B><FONT STYLE="font-size:7pt"><SMALL>LLP</SMALL> </FONT><FONT STYLE="font-size:7pt">(</FONT><FONT
STYLE="font-size:9pt"><SMALL>US</SMALL>)</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">401 Congress Avenue, Suite 2500</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Austin, Texas 78701-3799</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.dlapiper.com</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John J. Gilluly III, P.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">john.gilluly@dlapiper.com</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T</B>&nbsp;&nbsp;512.457.7090</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>F</B>&nbsp;&nbsp;512.721.2290</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via Edgar</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Nicholas P. Panos, Senior Special Counsel </TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Jennifer Lopez, Attorney-Advisor </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Bazaarvoice, Inc.</B> </TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Schedule TO-I Filed July 5, 2016</B> </TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No. 005-87043</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Bazaarvoice, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), this letter responds to the
comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) in its letter to the Company dated July 13, 2016 (the &#147;<B><I>Letter</I></B>&#148;) in
connection with the above-referenced Schedule TO-I (the &#147;<B><I>Schedule TO</I></B>&#148;), filed by the Company with the Commission on July 5, 2016. The Company is concurrently filing an Amendment No. 1 to Schedule TO-I (&#147;<B><I>Amendment
No.</I></B><B><I>&nbsp;</I></B><B><I>1</I></B>&#148;), containing revised offering materials that incorporate the Company&#146;s response to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Set forth below are the Staff&#146;s comments followed by the Company&#146;s responses. The numbered responses set forth below correspond to
the numbered comments in the Letter. Capitalized terms used in this letter and not otherwise defined have the meanings given to them in the Offer to Exchange Certain Outstanding Options for New Options, dated July 5, 2016, which is attached as
Exhibit (a)(1)(A) to the Schedule TO-I filed by the Company with the Commission on July 5, 2016 (the &#147;<B><I>Offer to Exchange</I></B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule TO</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>It appears that the issuer is relying upon the global exemptive order issued by the U.S. Securities and Exchange Commission on March 21, 2001. Please advise us whether all of the options subject to the exchange offer
were issued under an employee benefit plan as defined in Securities Act Rule 405. Specifically address whether an &#147;employee benefit plan&#148; meets the definition contained in Rule 405.</I> </TD></TR></TABLE>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company confirms that it is relying upon the March 21, 2001 exemptive order regarding
Issuer Exchange Offers Conducted for Compensatory Purposes (the &#147;<B><I>Exemptive</I></B><B><I> Order</I></B>&#148;). The Company also confirms that all of the options subject to the Offer to Exchange were issued under employee benefit plans as
defined in Securities Act Rule 405. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Rule 405 of the Securities Act of 1933, as amended, defines &#147;employee benefit plan&#148; as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;The term employee benefit plan means any written purchase, savings, option, bonus, appreciation, profit sharing, thrift,
incentive, pension or similar plan or written compensation contract solely for employees, directors, general partners, trustees (where the registrant is a business trust), officers, or consultants or advisors. However, consultants or advisors may
participate in an employee benefit plan only if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">They are natural persons; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">They provide bona fide services to the registrant; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The services are not in connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the registrant&#146;s securities.&#148;
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Under the Company&#146;s (i) 2005 Stock Plan, as amended (the &#147;<B><I>2005 Plan</I></B>&#148;), which was filed as
Exhibit 10.2 to the Company&#146;s Form S-1 (filed with the Commission on February 9, 2012) and (ii) 2012 Equity Incentive Plan (the &#147;<B><I>2012&nbsp;Plan</I></B>&#148; and, together with the 2005 Plan, the &#147;<B><I>Plans</I></B>&#148;),
which was filed as Exhibit 10.5 to the to the Company&#146;s Form&nbsp;S-1 (filed with the Commission on February 9, 2012), only employees, directors and consultants are eligible to receive option grants. Only options granted under the Plans are
eligible to participate in the offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">A consultant is defined: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">under the 2005 Plan, as &#147;any person who is engaged by the Company or any parent or subsidiary to render consulting or advisory services to such entity;&#148; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">under the 2012 Plan, as &#147;any person, including an advisor, engaged by the Company or a parent or subsidiary to render services to such entity.&#148;</TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company confirms that, to the extent any consultant is eligible to receive equity awards pursuant to the Plans, he or she is a natural
person that provides bona fide services to the Company, and such services provided by the consultant are not in connection with the offer or sale of the Company&#146;s securities in a capital-raising transaction and do not directly or indirectly
promote or maintain a market for the Company&#146;s securities. Consequently, the Company believes that the Plans continue to meet the Rule 405 definition with respect to persons performing services under contract, such as consultants, and that, as
a result, all of the options subject to the Offer to Exchange were issued under employee benefit plans as defined in Securities Act Rule 405. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Offer to Exchange </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise to expressly quantify the maximum number of options sought in the tender offer, or advise. See Item 4 to Schedule TO and corresponding Item 1004(a)(1)(i) of Regulation M-A. Refer also to Rule 14e-1(b)
of Regulation 14E. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the first paragraph of Section 2
(Number of awards; expiration date) on page 4<B> </B>of the Offer to Exchange to expressly quantify the maximum number of options sought in the tender offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary Term Sheet and Questions and Answers </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Q11.
What will be the exercise price of my new options? </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The offer provides a range of possible exchange ratios, which ratios will be determined based on the closing price of the company&#146;s common stock on the expiration date of the offer. Accordingly, option holders
who tender will not know the new exercise price of options until the close of the trading day on the expiration date. Thus, it appears that certain material terms of the offer will be unknown until some point after the close of the trading day on
the expiration date. This structure appears to be inconsistent with Item 4 of Schedule TO and corresponding Item 1004(a) of Regulation M-A. Please advise. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comments and advises the Staff that the Company believes that the Schedule TO complies
with Item 4 of Schedule TO and Item 1004(a) of Regulation M-A as follows. The exchange offer has been structured in a manner that is intended to balance the Company&#146;s desire for a value-for-value exchange with the need to provide eligible
employees with meaningful new stock options. Although the exercise price of the new options will not be established until the close of trading on the offer expiration date, the exchange ratios have been pre-determined by the Company and will not
change based on the closing price of the Company&#146;s common stock on the offer expiration date. Such exchange ratios are described in the Offer to Exchange (see e.g., Question and Answer 3 on page 7 of the Offer to Exchange in the section
entitled &#147;Summary Term Sheet and Questions and Answers&#148;), and accordingly, eligible employees are able to determine prior to the offer expiration date the final number of new options that they will receive if they tender eligible options
upon expiration of the offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In addition, as described in the Offer to Exchange, eligible employees can log-in to the offer website at
any time during the offer period and view personalized information relating to their eligible options, including each grant of eligible options that is eligible for exchange, and the exchange ratio applicable to such eligible options. The offer
website also contains a tool called the &#147;option exchange analysis tool,&#148; which allows eligible employees to enter hypothetical future stock prices to see their effect on the potential future values of eligible options or new options.
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P>
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For the foregoing reasons, the Company respectfully believes that eligible employees have sufficient knowledge of the material terms of the exchange offer, such that the requirements of Item 4 of
Schedule TO and Item 1004(a) of Regulation&nbsp;M-A have been met. Nevertheless, in response to the Staff&#146;s comment, the Company will distribute an email to all eligible employees by 5:00 p.m. Central Time on the date the exchange offer expires
notifying them of the closing price of the common stock on such date. Eligible employees will therefore receive the exercise price for the new options several hours before the expiration date (currently scheduled for 11:00 p.m. Central Time on
August 2, 2016) and have sufficient time to consider whether to tender or withdraw their eligible options after they receive the exercise price information. The Company has included such form of communication as Exhibit (a)(1)(J) to the Schedule TO,
which is filed with Amendment No. 1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>7. Conditions of the Offer, page 52 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The last paragraph on page 53 states that the conditions may be asserted by the issuer &#147;regardless of the circumstances giving rise to any such condition.&#148; The inclusion of offer conditions that enable the
issuer to terminate the tender offer or its obligation to purchase based on events within its control could render the offer illusory and in contravention of Section&nbsp;14(e). Please revise to avoid the implication that the offer may be terminated
based on actions or inactions completely within the issuer&#146;s control.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the second to last paragraph of Section 7 (Conditions of the offer) on page 53 of the Offer to Exchange to remove the implication that the offer is&nbsp;illusory&nbsp;because actions or inactions by the Company may be used as a
justification to assert an offer condition. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The representation that the issuer&#146;s failure &#147;at any time&#148; to exercise any of the rights conferred by the conditions &#147;will not be deemed a waiver of any right&#148; suggest the issuer may become
aware that an offer condition has been triggered or otherwise has become incapable of being satisfied yet permit the tender offer to proceed without making a disclosure. To the extent a material condition is waived, a material change has occurred to
the offer document within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)(3).</FONT> Please confirm the issuer understands that if a material offer condition is triggered and expressly or impliedly waived, an obligation will arise
to notify shareholders. Please confirm the issuer also understands that depending on the materiality of a waived condition and the number of days remaining in the offer, the offer may need to be extended and new disclosure circulated to security
holders.</I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully confirms that it understands the Staff&#146;s position and its obligations. In
addition, the Company acknowledges that it will notify its stockholders if a material offer condition is triggered and expressly or impliedly waived. In addition, the Company confirms that it </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
understands that it may be required to extend the offer and provide eligible employees with updated disclosure regarding a waived condition, depending on the materiality of the waived condition
and the number of days remaining in the offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>15. Extension of offer; termination; amendment, page 62 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"><I>Please explain the circumstances under which the issuer believes only oral notice could be provided of an extension or termination. Refer to Rules 14e-1(d) and 13e-4(d)(2).</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the first and second paragraphs of Section 15 (Extension of offer;
termination; amendment) on page 62 of the Offer to Exchange to remove the references to oral notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and the Company appreciate the Staff&#146;s attention to the review of this matter. Please do not hesitate to contact me at
(512)&nbsp;457-7090 or via email at john.gilluly@dlapiper.com if you have any questions regarding this letter or Amendment No. 1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DLA Piper LLP (US) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ John J. Gilluly III, P.C.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John J. Gilluly III, P.C.</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Partner</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Kin Gill, Chief Legal Officer, Bazaarvoice, Inc. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
