Wednesday, February 25, 2009

Epicor Appoints Two Directors In Deal With Elliott Associates

Irvine-based Epicor Software said this morning that it has added two new directors to the board, in an agreement with a private equity firm. According to the firm, the new representatives were appointed to the company's board as part of an agreement with private equity firm Elliott Associates, L.P., which had launched an unsolicited bid for Epicor last year. Epicor said that it would appoint Richard H. Pickup, one of its largest stockholders, and John M. Dillon, to its board, as part of a "standstill" agreement with Elliott Associates. Elliott Associates owns approximately 10.7% of Epicor, plus $28M of the firm's convertible senior notes due 2027. Elliott had made an unsolicited offer to buy Epicor in October, and was spurned by Epicor's board shortly after its bid. Dillon has served as President and CEO of Hyperion, CEO of Salesforce.com, and most recently CEO of Navis, LLC.