Epicor Software says 'no' to acquisition offer by Elliott Associates

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Epicor Software Corp. said its board of directors has unanimously decided not to pursue the Oct. 1 proposal from Elliott Associates, LP to acquire the company for $9.50 per share.

"Given the unsettled capital markets and our current product roadmap, we have only one focus at Epicor and that is to deliver value to our shareholders and customers," Epicor president and chief executive officer Thomas F. Kelly said in an Oct. 13 letter to Elliott portfolio manager Jesse A. Cohn.

According to Kelly, Epicor has a "robust roadmap of products planned over the next 18 to 24 months, including the launch of Epicor 9 in the fourth quarter of 2008."

It was previously reported that Elliott's per-share offer price was a 20% premium to Epicor's closing share price on Sept. 30.

Elliot, a 10.2% shareholder, said it could potentially improve its offer if granted access to diligence, a prior news release said.

Epicor, located in Irvine, Calif., designs, develops, markets and supports enterprise application software products.

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