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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.
Reuters – Endologix Inc said it received an unsolicited takeover bid from hedge fund Elliott Associates LP for $2.25 a share, 18 percent higher than the stock’s Wednesday closing price.
The company, which develops and manufactures minimally invasive treatments for vascular diseases, said it will review the unsolicited proposal and make a determination and respond in due course.
Endologix asked its stockholders to defer judgment on the unsolicited proposal until that determination has been made.
Also on Wednesday, New York-based Elliott 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. [nBNG397251]
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.
Forbes – 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 per share, representing a 20.4 percent premium to the stock’s closing price of $7.89 on Sept. 30. Based on Epicor’s 59.6 million outstanding shares as of Aug. 1, the deal would be worth roughly $566 million.
At the time, the offer was still well below the stock’s 52-week high of $14.04 reached last October.
The hedge funds own 10.2 percent of Epicor.
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.
