{"id":8859,"date":"2008-10-15T00:00:00","date_gmt":"2008-10-15T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"epic-software-turns-down-hedge-fund-buyout-offer","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2008\/epic-software-turns-down-hedge-fund-buyout-offer.html","title":{"rendered":"Epic Software turns down hedge fund buyout offer"},"content":{"rendered":"<p><span class=\"lingo_region\">Forbes &#8211; Business software company <strong>Epicor Software Corp.<\/strong> said Monday it will not pursue a $566 million buyout offer from shareholder Elliott Associates LP. <\/p>\n<p>Hedge funds Elliott Associates and Elliott International LP offered to buy Epicor Oct. 1 for $9.50 per share, representing a 20.4 percent premium to the stock&#8217;s closing price of $7.89 on Sept. 30. Based on Epicor&#8217;s 59.6 million outstanding shares as of Aug. 1, the deal would be worth roughly $566 million.<\/p>\n<p>At the time, the offer was still well below the stock&#8217;s 52-week high of $14.04 reached last October.<\/p>\n<p>The hedge funds own 10.2 percent of Epicor.<\/p>\n<p>In a letter to Elliott, Epicor President and Chief Executive Thomas F. Kelly said the company has a roadmap of products planned over the next 18 to 24 months and has the opportunity to establish itself further in the market and grow.<\/p>\n<p><\/span><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.forbes.com\/feeds\/ap\/2008\/10\/14\/ap5550273.html\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forbes &#8211; Business software company Epicor Software Corp. said Monday it will not pursue a $566 million buyout offer from shareholder Elliott Associates LP. Hedge funds Elliott Associates and Elliott International LP offered to buy Epicor Oct. 1 for $9.50 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[249,3189,3190,526,2437,243,539,353],"class_list":["post-8859","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-asset-management","tag-breeden-capital-management","tag-cleveland-cliff","tag-contention","tag-convertible-bonds","tag-percent-stake","tag-prosecutors","tag-stocks"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8859"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8859\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}