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SOFTWARE INDUSTRY NEWS |
Equity firm Elliott Associates launches unsolicited bid for Novell |
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Private equity firm Elliott Associates LP has made a $2-billion unsolicited offer to acquire Novell Inc. The company claims to already own 8.5% of Novell and is now looking to buy the remaining 91.5 per cent for $5.75 per share. New York based Elliott Associates manages over $16 billion in capital for investors and its bid for Novell represents a premium of 21 per cent over Novell's closing price in the first half of the week. As news of the unsolicited bid broke, Novell shares jumped over the offer price, indicating that shareholders could well think that a rival bid would be in the offing.
Novell confirmed receipt of the unsolicited, conditional proposal from Elliott Associates and said in its statemetn that it anticipates its Board of Directors to review the proposal in consultation with financial and legal advisors. JP Morgan is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Novell. |
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