Reuters – Hedge Fund Elliott Associates LP on Wednesday took its $529 million cash offer for Epicor Software Corp directly to shareholders, two days after it was snubbed by the business software maker’s board.

Elliott said it, through a unit, is offering $9.50 per share through the tender offer, about 40 percent premium to the stock’s closing price Tuesday, and a 20 percent premium at the time of its October 1 offer to the company.

"We would not be surprised to see shareholders accept Elliott’s offer," analyst Peter Goldmacher of Cowen & Co said by phone, adding that he does not expect a rival bid to surface.

Epicor shares shot up as much as 14 percent in morning trade but pared some of their gains and were trading up 29 cents at $7.09 in midday trade on Nasdaq.

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