Wednesday, October 1, 2008

Epicor Gets Buyout Offer

Irvine-based Epicor Software has been sent an unsolicited buyout offer from a major shareholder of the firm, Elliott Associates, L.P. According to Elliott Associates, it collectively owns 10.2% of the common stock and $28.7M of convertible notes of Epicor Software, and is offering this morning to pay $9.50 per share for Epicor. The move comes after Epicor's board rejected Elloitt's request that the company explore strategic alternatives. Elliott Associate said its bid represents a 20% premium on Tuesday's closing share price. Elliott is a $14 billion hedge fund.