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.

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