Epicor buyers launch tender offer for outstanding shares

- Tuesday, April 12, 2011

Epicor buyers launch tender offer for outstanding shares

In agreement with a previous announcement for the acquisition of US business software solutions provider Epicor (Nasdaq: EPIC), Element Merger Sub and Eagle Parent have begun a cash tender offer to acquire all outstanding shares of the company's common stock, Epicor reported.

Element and Eagle - newly formed corporations that are wholly owned by funds advised by private equity firm Apax Partners - will offer US$12.50 net per share in cash.

The offer is subject to the tender of at least 74.51% of Epicor's outstanding shares and will expire May 6.

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Eagle also intends to acquire business management software solutions provider Activant Group, which focuses on the midmarket retail and wholesale distribution businesses.

With the two purchases, Apax intends to integrate Activant and Epicor to create one of the largest global providers of enterprise applications focused on the manufacturing, distribution, services and retail sectors.

After the acquisitions, the integrated company will be named Epicor Software Corporation and will be delisted from Nasdaq.