Epicor Software to expand board as part of agreement with Elliott Associates

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Epicor Software Corp. will increase the size of its board of directors to seven from five members and appoint Richard H. Pickup and John Dillon to fill the new vacancies under its standstill agreement with shareholder Elliott Associates, LP.

Pickup and Dillon will also be nominated by Epicor at its 2009 annual meeting for terms expiring in 2010, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The agreement allows Elliot to acquire up to $100 million total principal amount of convertible bonds and 14.99% of the company's common stock.

In November, Elliott dropped its bid to acquire Epicor for $7.50 per share.

Elliott beneficially owns 3,250,513 shares, or 5.4%, of the company's outstanding stock.

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

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