Epicor board recommends rejection of takeover bid

Epicor Chief Executive Tom Kelly said in a statement Wednesday that the board "remains confident that the successful execution of Epicor's business plan, including its product strategy and roadmap, would provide greater value to stockholders than that provided by the offer."

A spokesman for Elliott Associates said the fund had no comment on the vote Wednesday.

Elliott said Tuesday that it would lower its bid to $7.50 per share from $9.50 per share and extend the deadline for shareholders to take the offer after Epicor, a business software company, voted to reject the higher figure.

The hedge fund already owns 10.2 percent of the company's stock. The revised bid would value Epicor at $446.8 million based on the number of shares outstanding on Aug. 1. The initial $9.50 per share offer valued the company at $565.9 million.

The offer period ends at 11:59 p.m. EDT Nov. 17.

Epicor shares rose 4 cents in morning trading to $7.