Facing a dramatic economic slowdown and an unsolicited takeover bid, Epicor Software Corp. yesterday reported mixed third-quarter financial results, with overall revenue climbing 31.7%, but earnings falling 52.6%.
Separately, Epicor announced yesterday that its board of directors unanimously rejected the unsolicited offer from private investment firm Elliott Associates to acquire the company for $528 million. In a statement, Epicor said the board believes Elliott’s $9.50-per-share offer is too low and too conditional, and the board questioned the seriousness of the offer.
“The effect of the offer’s numerous and subjective conditions is that the offer may be illusory and Epicor’s stockholders cannot be assured that Elliott Associates will consummate the offer,” Epicor said in the statement.
For the third quarter, Epicor reported total revenue of $135.8 million for the three months ended Sept. 30, compared with $103.1 million for the same period a year ago. The vendor of enterprise applications reported net earnings of $3.8 million, off from last year’s $8.1 million.