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 (Nasdaq: EPIC) jumped as much as 12% in intraday trading after agreeing to a $12.50-per-share buyout offer.

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 (Nasdaq: ORCL) and SAP (NYSE: SAP) -- which would be primary competitors of the new, larger Epicor -- would have to be on the list. Other major software and services companies such as Microsoft (Nasdaq: MSFT) and IBM (NYSE: IBM) could also step in with a bid. While it may be worthwhile for current shareholders to stick around to see whether another bid emerges, investors on the sidelines may want to sit this one out.

Want to keep up to date on these stocks?

Microsoft is a Motley Fool Inside Value selection. Motley Fool Options has recommended a diagonal call position on Microsoft. The Fool owns shares of International Business Machines, Microsoft, and Oracle. Motley Fool Alpha LLC owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer owns shares of Microsoft, but does not have a financial interest in any of the other companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.