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Hedge fund lowers takeover bid for Epicor Software

CNNMoney.com – New York hedge fund Elliott Associates LP lowered its offer price Tuesday for Epicor Software Corp., saying in a letter it was "extremely disappointed" Epicor’s board had recommended shareholders reject a takeover.

Elliott, a large shareholder in the Irvine, Calif., software company, told Epicor’s board that it will now offer $7.50 per share, which would value the company at $446.8 million based on the number of shares outstanding at Aug. 1. That’s down from Elliott’s previous offer of $9.50 per share, which valued Epicor at $565.9 million.

Elliott already owns 10.2 percent of the company’s shares.

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