Epicor Software (EPIC) Agrees to Acquisition by Apax Partners at $12.50/Share in Cash
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Epicor Software Corporation (NASDAQ: EPIC) Monday announced that it has entered into a definitive agreement to be acquired by funds advised by Apax Partners for $12.50 per share in cash. The transaction is valued at approximately $976 million.
The offer price represents a premium of 11.2% over Friday's closing stock price, an 18.9% premium over the average closing price for the previous 30 calendar days and a 34.4% premium over the average closing price for the previous 52-week period.
"This merger is extremely positive for Epicor's customers, employees and shareholders alike," said George Klaus, Epicor Chairman, President and CEO. "It offers great value to our current stockholders and represents an endorsement of the business strategy, products and technology leadership we have established in the market. With Apax, we are partnering with one of the premier investment firms in the world and one that is very much focused on growth and delivering value to the customers of its portfolio companies. With the addition of Activant, the combined company will have over 30,000 customers, $825 million in annual revenues, and the most visionary business application software and deep vertical industry expertise in the market today. Apax is committed to growing the businesses in which they invest and has an excellent track record of working as a strategic partner with management to build great companies."
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The offer price represents a premium of 11.2% over Friday's closing stock price, an 18.9% premium over the average closing price for the previous 30 calendar days and a 34.4% premium over the average closing price for the previous 52-week period.
"This merger is extremely positive for Epicor's customers, employees and shareholders alike," said George Klaus, Epicor Chairman, President and CEO. "It offers great value to our current stockholders and represents an endorsement of the business strategy, products and technology leadership we have established in the market. With Apax, we are partnering with one of the premier investment firms in the world and one that is very much focused on growth and delivering value to the customers of its portfolio companies. With the addition of Activant, the combined company will have over 30,000 customers, $825 million in annual revenues, and the most visionary business application software and deep vertical industry expertise in the market today. Apax is committed to growing the businesses in which they invest and has an excellent track record of working as a strategic partner with management to build great companies."
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