Endologix Inc., an Irvine medical device maker, has received an unsolicited $98 million buyout offer from Elliott Associates LP, a New York hedge fund that’s also trying to buy Irvine’s Epicor Software Corp.
Endologix, in a statement, said it received Elliott’s offer, which was 18% higher than its Wednesday closing price.
The company 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.
Endologix makes devices to treat ballooning blood vessels.
Earlier this month, Elliott made an unsolicited $566 million offer for Epicor, a maker of business software.
Epicor’s board said Monday that it unanimously rejected that proposal.
Elliott now is taking its offer directly to Epicor’s shareholders in an attempt to go around the company’s board.
Epicor said it’s reviewing the bid and has advised its shareholders to wait for a response before selling any shares.
