|
by Chris Chiappinelli, MA Editorial Staff
Posted on Thursday, October 02, 2008 7:43:04 AM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | A hedge fund with ties to the software space makes an offer for the mid-market ERP provider. |
| Keywords: | Epicor takeover, Epicor buyout |
Epicor Software Corp., a provider of ERP software for mid-market companies, confirmed on Wednesday that it has received an unsolicited offer from hedge fund Elliott Associates, LP, to buy all outstanding shares of the software company.
Elliott Associates, which already owns 10.2% of Epicor’s common stock, has offered $9.50 for each remaining share, which would translate approximately to a buyout of more than $500 million. Epicor’s stock closed Tuesday at $7.89. “We’ve indicated that if we would be granted due diligence, or access to diligence, we would consider possibly even raising the offer,” said a source who requested anonymity.
In a statement, Epicor said, “The Board of Directors of Epicor, in consultation with the Company's legal and financial advisors, will carefully consider and review Elliott Associates' proposal and will respond in due course.”
[Click to continue] |
|
|
|
|