Epicor Software (EPIQ) Comments on the Termination of Elliott Associates' Tender Offer
Epicor Software Corporation (NASDAQ: EPIC) issued the following statement in response to Elliott Associates L.P.'s announcement that it has terminated its previously announced tender offer for all outstanding shares of common stock of Epicor.
"Epicor remains committed to building stockholder value through the execution of its business plan, product strategy and roadmap. We believe that our strong slate of existing and new ERP and Retail products and services, including the release of Epicor 9 which is expected to become generally available during the fourth quarter, provide excellent near and long term opportunities to gain market share, while also providing the latest upgrade and migration path for our more than 20,000 customers worldwide. With retention rates consistently in the 94% range, these customers provide excellent high margin recurring maintenance revenues for Epicor that are expected to approach or exceed $200 million for fiscal year 2008. We believe the company is in an excellent position to drive revenue growth and solid cash flows and we look forward to delivering sustained growth and value creation for our stockholders."
Wilson Sonsini Goodrich & Rosati is acting as legal advisor and UBS Investment Bank is acting as financial advisor to Epicor.
Epicor is a global leader dedicated to providing integrated enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM) and professional services automation (PSA) software solutions to the midmarket and divisions of Global 1000 companies.[SM]
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