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Epicor Software Corporation Investor Files Lawsuit Against Going Private Bid

  • If you purchased Epicor Software Corporation (NASDAQ:EPIC) and currently continue to hold those NASDAQ:EPIC shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Epicor Software Corp.
Security
NASDAQ: EPIC

Case Name
Epicor Software Corp. Deal Case 04/12/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

An investor in Epicor Software Corporation (NASDAQ:EPIC) filed a lawsuit in State Court against the proposed bid by Apax Partners LP to take Epicor Software Corp private.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties in connection the proposed takeover arising by the attempt to sell Epicor Software too cheaply via an unfair process to Apax Partners LP.

On Monday, April 4, 2011, Apax Partners announced that it is has entered into an agreement under which funds advised by Apax will acquire Epicor Software Corporation (Nasdaq: EPIC) in a transaction valued at approximately $976 million. Under the proposed agreement, Apax Partners will commence a tender offer to acquire all of the outstanding common stock of Epicor Software Corp. for $12.50 per share in cash, followed by a merger to acquire all remaining outstanding Epicor Software Corp. shares at the same price paid in the tender offer.

The plaintiff claims that the proposed deal shortchanges the remaining shareholders of Epicor Software. Indeed, shareholders representing approximately 19% of Epicor Software’s outstanding shares have already entered into support agreements with Apax Partners in connection with the transaction and Elliott Associates, which beneficially owns approximately 13.5% of Epicor Software’s outstanding shares, has also already indicated that it supports the transaction.

Furthermore the plaintiff alleges the offered price is unfair. In fact shares of Epicor Software Corporation (NASDAQ:EPIC) increased from $11.31 on Friday April 1st to $12.49 on Monday. However, EPIC shares increased on Monday April11, 2011 to $12.62 per share and therefore exceeded the current offer. Moreover at least one analyst has set a target price of $14.00 per share for Epicor Software stock. During 2007 EPIC shares even reached over $15 per share.

Additionally the plaintiff claims that the offer by Apax Partners does not consider appropriately the financial success of Epicor Software. Epicor Software’s financial performance over the past four years was considerably consistent with 12months Total Revenue ranging between $409.62million to $487.88million.