Orange County Register

Elliott Associates, L.P., a New York-based hedge fund, is taking its $9.50-a-share buyout offer for Epicor Software Inc. directly to shareholders after the tech company’s board spurned its proposal, according to a Securities and Exchange Commission filing today.

The hedge fund, which with its sister fund now owns 12.5% of Epicor’s common stock and $28.7 million in convertible notes, sent the Irvine-based company a letter Oct. 1 saying it wanted to buy the other outstanding shares.

Elliott said the buyout would give shareholders an immediate boost in value. The Oct. 1 offer was at 20% premium over the closing price of $7.89 the previous day. Epicor shares closed at $6.80 Tuesday. Over the last year, the stock has ranged in price from $5.69 to $13.65.

In a letter Monday, Epicor Chief Executive Thomas F. Kelly said the company’s board declined the offer, citing a “robust roadmap of products planned over the next 18 to 24 months.”

Elliott gives Epicor shareholders until Nov. 12 to tender their shares.

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