Epiq Systems Rejected $1.1 Billion Buyout Offer From P2
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Epiq Systems Inc., the provider of legal software for electronic discovery in bankruptcy and class action cases, rejected a $20-a-share takeover offer from its now largest shareholder P2 Capital Partners LLC.
P2 Capital, the hedge fund founded by Claus Moller, increased its Epiq stake to 16.9 percent -- from about 4.9 percent -- after the $1.1 billion take-private offer including debt was rebuffed and disclosed the now-activist holding in a regulatory filing today.