Elliott Management

2025: Paul Singer as associate of US President Trump seeks purchase of oil processor Citgo

In November 2025, Paul Singer, as an associate of the President of the United States Trump , is seeking the purchase of an oil refinery. Citgo His Amber Energy offered only $5.9 billion, and the court, after lengthy hearings, eventually approved the deal in favor of the Elliott Investment subsidiary. For details, see. Citgo

2019

$683 million purchase of readers developer Barnes & Noble

On June 7, 2019, the sale of readers developer Barnes & Noble to hedge fund Elliott Management was announced for $683 million. Shareholders of the sold company will be paid $6.5 for each security they own, which is 42% more than the rate of quotations by the close of the exchange on June 5 - the day before rumors appeared in the media about the upcoming deal with Elliott Management. Read more here.

Purchase of a 1% stake in SAP worth 1.2 billion euros

On April 24, 2019, US hedge fund Elliott Management disclosed ownership of an estimated 1% stake in SAP. The cost of the share is estimated at 1.2 billion euros. After the release of this data, the quotes of the German manufacturer of corporate software rose to a record level. Read more here.

2016: Buying Dell's Software Business

On June 20, 2016, it became known about the sale of Dell's software business. Thus, the American corporation continued to sell assets and change its strategy, focusing on the takeover of disk storage manufacturer EMC, reports The Wall Street Journal.

Dell Software Group's analytics, database management, information protection, access control and performance monitoring division is being bought by private equity firm Francisco Partners and hedge fund Elliott Management. The value of the deal has not been officially announced. According to Reuters, we are talking about more than $2 billion.

Dell sells software business for $2 billion

Software assets sold by Dell include, among other things, subsidiaries Quest Software (a developer of tools for managing enterprise IT systems) and SonicWall (a provider of intelligent network security and data protection solutions), for which the corporation once paid a total of $3.6 billion.

Quest Software and SonicWall offer critical software to a huge and loyal base of over 180,000 customers. We see great opportunities in creating great technologies and a product portfolio, "said Francisco Partners CEO Dipanjan Deb.

According to Reuters, Dell decided to sell almost the entire software business, leaving only a cloud developer to integrate Boomi^[1]

2009: Non-Interference Agreement with Epicor

On February 26, 2009, it was reported that Epicor and hedge fund Elliot Associates had reached an agreement that eased tensions between the two companies that had lasted much of the past year. By this time, the hedge fund owns, according to some reports, from 11% to 14% of Epicor shares and debt in the amount of $28 million. According to the new agreement (the so-called "non-interference agreement"), Elliot Associates is allowed to purchase up to 15% of Epicor's shares, as well as debt obligations totaling up to $100 million. After that, the company undertakes not to attempt to acquire Epicor within a year. Recall that the market value of Epicor is now estimated at about $165 million.

Part of the agreement is the expansion of the Epicor Board of Directors from 5 to 7 people. Two new directors were major Epicor shareholders Richard H. Pickup and John M. Dillon. They are reportedly unrelated to Elliot Associates. Most likely, the investment fund expects to thereby provide more influence over the president and the executive leadership of Epicor and force the company to take into account the interests of its large shareholders more actively.

The  hedge fund is one of the largest shareholders and is interested in raising the value of Epicor, said Jess Cohn, a portfolio manager at Elliot Associates. Two new shareholders on the Board of Directors will allow for a constructive dialogue with Epicor's management.

An Epicor spokesman called the introduction of the two new shareholders to the Board of Directors not an imposed, but a "mutually agreed" decision.

According to George Klaus, Chairman of the Board of Directors and CEO of Epicor, the agreements reached with Elliot Associates are in the interests of the company and its shareholders. Epicor will continue to stick to its strategic plans, which it believes will lead to higher stock values.

2008: Attack on Epicor with an offer to buy

In early November 2008, it became known that the hedge fund Elliott Associates again put forward an offer to buy a controlling stake in the company, Epicor while lowering the value from 9.50 to 7.50 dollars per share.

Shortly before that, Elliott Associates announced its intention to purchase all outstanding shares of the company at $9.50 per share, about 20% above their current market value. At the same time, the transaction amount would be $565.9 million. At that time, Epicor's board of directors rejected this offer by Elliott Associates to sell the company.

However, Elliott Associates did not give up their intentions to acquire Epicor. At the same time, the investment company reduced its offer from $9.50 to $7.50 per share. In this case, the transaction value would be $446.8 million. The proposal remains in force until noon on November 17 of this year.

Elliott Associates explains the decline in value, on the one hand, by the uncertainty of the economic situation and, accordingly, the lack of guarantees of compliance with the planned release schedule for software products in the next two years. In addition, as reported in a letter sent by Elliott Associates to Epicor Corporation, the company is disappointed with the developer's attitude to the deal and the categorical rejection of the proposed favorable terms (especially in light of the latest Epicor financial report, which confirmed a decrease in revenue from license sales and lowering the bar for annual revenue forecasts). At the same time, the company's refusal to provide the potential buyer with the reductions necessary to analyze its condition reportedly minimizes the possibility of a friendly takeover. However, according to representatives of Elliott Associates, if Epicor nevertheless agrees to disclose information of interest to them, then the final amount of the transaction may be increased.

Epicor again rejected the received offer and repeated the explanation put forward at the initial refusal.

Hedge fund Elliott Associates, having been refused its direct offer to buy Epicor, began buying up shares of the company in free float. In a few weeks, he acquired 340 thousand shares of Epicor at a price of 3.31 to 4.75 dollar per share. As a result, Elliot became the owner of about 6.4 million shares of Epicor (just over 10% of the company's total value).

However, Epicor's owners are trying to prevent third-party investors from acquiring a controlling stake and are also actively acquiring shares in their company. George Klaus, chairman of the board of directors of Epicor, acquired 100,000 shares at a price of $3.10 to $3.50 per share, as a result of which he owns 2.4 million shares. James Richardson and Michael Kelly, members of the board of directors of Epicor, purchased 10 thousand shares of the company at about $3 per share, as a result of which Mr. Richardson owns 30 thousand shares, and Mr. Kelly almost 50 thousand shares.

At this time, Epicor was also forced to maintain balance in a difficult economic environment.

1977: Paul Singer creates Elliott Associates for $1.3 million in family and friends

In January 1977, Pl Singer created Elliott Associates, starting with $1.3 million provided by family and friends. Elliott is the middle name of Paul Singer.

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