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NEW YORK - 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.
| EPIC | 4.76 |  0 |
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.
In a letter to Epicor's board, the hedge fund said it was "extremely disappointed by the board's action."
An Epicor spokesman declined to comment.
The offer period has been extended to 11:59 p.m. EDT Nov. 17.
Epicor's shares fell Tuesday afternoon 33 cents, or 4.4 percent, to $7.11.
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