New York hedge fund Elliott Associates is in hot pursuit of Novell, and developments have left some worrying that an acquisition, if successful, would mean the end of Suse Linux. On Monday, Novell's board of directors turned down a March 2 offer of $2 billion for the company from Elliott Associates.
Novell rejects Elliot takeover bid as ‘inadequate’
But company says it’s committed to enhancing value for stockholders and will explore options including a stock repurchase, joint ventures, and a sale.
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Novell has announced that it has declined a takeover bid from New York-based hedge fund Elliott Associates L.P. saying that the bid "undervalued" the company. The open-source software maker says it is looking at other alternatives to "enhance stockholder value" including looking for other potential buyers. Elliott Associates offered to buy Novell a couple...
CWmike writes "A hedge fund that is already one of Novell's largest shareholders offered on Tuesday to acquire the struggling, cash-rich enterprise software maker for $2 billion. The unsolicited offer, from New York-based Elliot Associates L.P., is for $5.75 per share in cash, a dollar per share more than Novell's closing price Tuesday of $4.75.