Update 10/14: Epicor has rejected the offer of $9.50 per share. The stock opened at $6.61 today. Paging Carl Icahn...
Well, many months later, but a similar story to the Golden Gate-Exact rumor below is unfolding. First noted by the research firm 451 Group (subscription only) a week ago, the hedge fund Elliott Associates bought a 10% stake in Epicor, and was making noises about forcing a sale. 451 took a dim few of the chances of such a sale to the likely strategic suspects (Microsoft, Oracle, SAP), and noted that "private equity-backed ERP rollups – which would have trouble digesting an acquisition the size of Epicor, in any case – have been sidelined recently."
Seems that Elliott has come to a similar conclusion, as they're now making an offer for the whole enchilada. Hope they're serious about being a "long-term player" because as 451 observed, it's hard to see a logical flip buyer anytime in the medium-term future.
But hey, maintenance revenues are up (as a percentage of revenue and earnings - WARNING, WARNING!) - so maybe they can just give the cow a good milking for a number of years, everybody can make some nice fees on the deal, and heck with the customers. Sorry, did that sound cynical?