The heated takeover battle between mid-market ERP provider Epicor and hedge fund Elliott Associates took a diminutive turn today, as Elliott terminated its offer to purchase all outstanding Epicor shares for $7.50 each.
Elliott’s decision to rescind its buyout offer followed a rapid-fire exchange this week in which Elliott extended its tender offer until Dec. 3 and Epicor’s board answered with a statement reiterating its hope that Epicor stockholders would not cash in their shares.
In a letter to Epicor’s board, Elliott asserted that the software company “never once quantitatively address[ed] how [it] will create shareholder value in excess of $7.50 per share.”
Against the backdrop of broader market declines and an Elliott buyout offer that began at $9.50 per share before dropping to $7.50, Epicor’s stock has seen only brief upticks on an otherwise steady decline to today, when it spent most of day trading for less than $3.00.