Novell Dismisses $2 Billion Buyout Bid
Claims $5.75 per share cash proposal by institutional investor "undervalues" the company and its growth prospects
Novell Inc. said it has dismissed a $2 billion buyout bid from investment firm Elliott Associates L.P., contending that the $5.75 per share cash proposal inadequately expressed the company's value and its growth prospects.
In rejecting the Elliott offer, however, Novell seemed to leave room either for a meatier offer from the investment firm or solicitations from other suitors.
In a statement, Novell said that its board has "authorized a thorough review of various alternatives to enhance shareholder value," including stock repurchase or cash dividend, strategic partnerships, alliances, joint ventures, or a "recapitalization and a sale of the Company." Read more...
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