Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Epicor Software Corporation, in Connectio...
April 06 2011 - 7:50PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Epicor Software Corporation (“Epicor” or the “Company”) (NASDAQ:
EPIC) related to the Company’s agreement to be acquired by funds
advised by Apax Partners (“Apax”) in a proposed going-private
transaction. The transaction is valued at approximately $976
million.
Under the terms of the definitive agreement entered into by the
parties, Apax will commence a tender offer to acquire all the
outstanding common stock of Epicor for $12.50 per share in cash,
followed by a merger to acquire all remaining outstanding Epicor
shares at the same price paid in the tender offer. Under the terms
of the merger agreement, Apax will commence the tender offer no
later than April 8, 2011, and the transaction is expected to close
in second quarter 2011.
The investigation concerns whether the board of directors of
Epicor breached their fiduciary duties to Epicor stockholders by
failing to adequately shop the Company before agreeing to enter
into the proposed transaction, and whether the Company has
disclosed all material information to shareholders about the
transaction. Specifically, over the past eight months, Epicor’s
share price increased more than 75%, from $6.41 on August 13, 2010
to $11.24 on April 1, 2011. Further, analysts have set a median
target price of $13.00 per share, and one analyst has a target
price of $14.00 per share.
If you are a shareholder of Epicor, if you have information or
would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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