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Hedge Fund Offers $2 Billion For Novell

March 3rd, 2010 03:38 admin Leave a comment Go to comments

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. The offer caused Novell’s stock to leap 29% to $6.15 in after-hours trading. Because Novell is so cash-rich — it had $991 million in cash and equivalents at the end of January (PDF) — Elliott says the deal values Novell as an enterprise alone at about $1 billion.”

Source: Hedge Fund Offers $2 Billion For Novell

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