Endologix Gets $98M Buyout Bid

N.Y. hedge fund also eyeing business software firm

By: Editor

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Endologix Inc., an Irvine, CA-based medical device maker, has received an unsolicited $98 million buyout offer from Elliott Associates LP, a NY-based hedge fund that is also trying to buy  Epicor Software Corp.

Endologix, in a statement, said it received Elliott’s offer. The company, which makes devices to treat ballooning blood vessels, has a market value of about $80 million.

The device maker said it would review Elliott’s proposal, make a determination and respond in due course.

Earlier this month, Elliott made an unsolicited $566 million offer for Epicor, an Irvine, CA-based developer of business software.

Epicor’s board unanimously rejected the offer.

Elliott now is taking its offer directly to Epicor’s shareholders in an attempt to go around the company’s board.

SOURCE: Orange County Business Journal

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