Epicor Software rejects latest offer from Elliott Associates

By Lisa Kerner

Charlotte, N.C., Nov. 5 - Epicor Software Corp. said its board of directors unanimously recommends that stockholders reject the latest offer from Elliott Associates, LP to acquire the company at the reduced price of $7.50 per share.

On Tuesday, Elliott announced it was cutting its offer price to $7.50 per share from $9.50 and extending its offer to 11:59 p.m. ET on Nov. 17 from Nov. 12.

An Elliott subsidiary began a cash tender offer for Epicor on Oct. 15.

In a Nov. 4 letter to Epicor, Elliott said if given the opportunity to conduct diligence, it may increase the offer price.

Epicor said that, according to Elliott, only 82,094 of Epicor's outstanding shares, or approximately 0.14% of the total, had been tendered into the offer as of Nov. 3.

"Our board of directors has maintained from the beginning, and continues to believe, that Elliott Associates' offer is opportunistic and would deprive stockholders from benefiting from the value associated with Epicor's current and planned retail and ERP business software solutions, including Epicor 9 which will become generally available during the fourth quarter," Epicor president and chief executive officer Tom Kelly said in the release.

Epicor was advised by Wilson Sonsini Goodrich & Rosati and UBS Investment Bank.

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

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