Mid-market ERP provider Epicor Software Corp. will not accept a buyout bid from hedge fund Elliott Associates, LP, the company announced late Monday.

Epicor’s board consulted with UBS Investment Bank and Wilson Sonsini Goodrich & Rosati for financial and legal advice and determined that the proposal — tendered on Oct. 1 at $9.50 per share — did not deliver enough value to Epicor’s shareholders.

Elliott already owns a 10.2% stake in the ERP purveyor.

In a published letter to Elliott Associates, Epicor President and CEO Thomas Kelly wrote, “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.”

Kelly singled out the forthcoming Epicor 9 release as a foundation for the company’s future growth. “We believe Epicor 9 will provide excellent opportunities for license growth acceleration in new markets which we plan to address,” he wrote, “as well as in our installed base of more than 20,000 customers worldwide.”

Since the initial bid, Epicor’s stock has dropped from $7.89 to a $6.61 opening this morning, reflecting the recent downward trend across global markets.