Epicor Software continues to oppose Elliott Associate's $7.50-per-share tender offer

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Epicor Software Corp. said its board of directors continues to unanimously recommend that stockholders reject Elliott Associates LP's tender offer for the company's shares.

On Wednesday, Elliott extended its $7.50-per-share tender offer for Epicor to 11:59 p.m. ET on Dec. 3.

The offer was set to end Nov. 18. As of 4 p.m. ET on that date, approximately 14,419,173 shares of Epicor common stock had been tendered in and not withdrawn from the offer, it was previously reported.

Elliott, a 12.5% Epicor shareholder, cut its original offer price of $9.50 per share and had extended the offer from Nov. 12.

According to Epicor, Elliott's offer is "highly conditional, opportunistic and would deprive stockholders from benefiting from the value associated with Epicor's current and planned ERP and retail business software solutions."

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

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