Citing Underperformance, Hedge Fund Offers $2B for Novell

“Hedge fund Elliot Associates has made a bid to acquire software vendor Novell. In a public letter to the company’s board of directors, the hedge fund offered $5.75 per share (a 49 percent premium), placing Novell’s value at $2 billion dollars. Elliot Associates is already one of the largest institutional shareholders of Novell, with roughly 8.5 percent of the company’s stock.”

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  1. 2010-03-03 8:43 pm