Elliott Associates cuts offer for Epicor Software to $7.50 per share

By Lisa Kerner

Charlotte, N.C., Nov. 4 - Elliott Associates, LP lowered its offering price for Epicor Software Corp. to $7.50 per share from $9.50.

The investor also extended the deadline of its offer to 11:59 p.m. ET on Nov. 17 from 11:59 p.m. ET on Nov. 12.

An Elliott subsidiary began its cash tender offer for Epicor on Oct. 15.

In a Nov. 4 letter to Epicor, Elliott said if given the opportunity to conduct diligence, it may increase the offer price.

Epicor's board of directors has refused to engage in discussions with Elliott and recommended its stockholders reject Elliott's original $9.50-per-share offer, Elliott said.

Elliott called the board's actions "puzzling" in light of current economic conditions and Epicor's recently announced double-digit year-over-year decline in its organic license revenue growth, according to the letter.

The Federal Trade Commission already granted early termination of the Hart-Scott-Rodino waiting period in Elliott's proposed acquisition of Epicor.

Based in Irvine, Calif., Epicor designs, develops, markets and supports enterprise application software products.

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