Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of software designer Epicor Software
So what: Private equity firm Apax Partners is behind today's move, after agreeing to take Epicor private in a $780 million deal. Apax has signed up to buy both Epicor and Activant Solutions -- a privately held company currently owned by a private equity consortium -- and wants to combine the two under the Epicor name.
Now what: Shareholders representing 19% of Epicor's shares -- including Epicor's second largest shareholder, Elliott Management -- have already agreed to the deal. Epicor does, however, have a 30-day "go shop" clause that would allow it to drum up a better deal. In terms of potential competing bidders, Oracle
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