With a potential proxy fight looming from two investors, legal software company Epiq Systems Inc. (EPIQ) has agreed to a truce with at least one investor.
But that investor believes the best for the company is still a sale.
Kansas City, Kan.-based Epiq said Monday, Nov. 3, that it had agreed to settle with 16.22% stakeholder St. Denis J. Villere & Co. LLC and add one Villere nominee to its board. Villere, which had vowed to launch a proxy contest against Epiq if it did not heed its Sept. 18 request for board representation, will add Kevin L. Robert, the former CEO of Wolters Kluwer Tax & Accounting, to the company's board.
"We are pleased to have reached this agreement with Villere, a long-term shareholder of the company, and welcome Mr. Robert to the Board," said Tom Olofson, chairman and CEO of Epiq in a statement. "We look forward to benefiting from Mr. Robert's fresh perspective and unique insight as Epiq's Board and management continue to explore a full range of strategic and financial alternatives with the goal of enhancing value for all Epiq shareholders."
While the company may have settled with Villere, the Louisiana mutual fund manager still thinks Epiq should be sold.
"I think all options are on the table. If there is a way we can extract the most value for shareholders, if we can take the company private or sell off assets, I am all for that," said Sandy Villere, by phone Monday. "I think [Robert] is going to add a lot of value to the process and continue to work with the committee on creating shareholder value."