Novell gets with an $2B takeover offer from Elliot

Wednesday, March 3, 2010

Novell Inc. shares has gone up to 28 % in a day as Novell has received an unsolicited offer from private equity firm
Elliot Associates LP, a company stockholder, to acquire the Waltham enterprise software company for $5.75 per share in cash, amounting to about $2 billion.

Well Elliot holds about 8.5 percent of Novell Common stock till date and it stated that its acquisition offer constitutes a 49 percent premium over its current value.

The Waltham-based open-source network software company confirmed the proposal in a press release Tuesday and noted that its board of directors would review the acquisition offer.

In a letter to the Novell board of directors, Elliot Associates noted Elliot owns about 8.5 percent of Novell common stock to date.

J.P. Morgan is serving as Novell’s financial advisor, with legal counsel coming from Skadden, Arps, Slate, Meagher & Flom LLP.

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