Irvine-based software maker Epicor has spurned a buyout offer from Elliott Associates LP, saying that the $9.50 per share offer for the firm was "not in the best interests of Epicor and its stockholders." The rejection--the second announced by Epicor's board--came after Elliott Associates said it would approach shareholders directly with the deal. Among reasons for the rejection named by Epicor were the number of conditions in the offer, timing of the offer, the firm's current stock price and its drop related to overall market conditions, as well as the earnings multiple on the transaction. Epicor said it was recommending to its stockholders to reject the offer.
posted on Tuesday, October 28, 2008
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