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Novell Rejects Takeover Bid, But Welcomes Other Bidders

Mar 22, 2010, 13:32 (1 Talkback[s])

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[ Thanks to The VAR Guy for this link. ]

"Novell’s board has considered and rejected an unsolicited $2 billion takeover bid from Elliott Associates, a hedge fund that wants to swallow SUSE Linux and Novell’s other core products. Novell’s rejection of the bid, announced March 20, answers some questions but raises others on the eve of BrainShare, the company’s big customer and partner event in Salt Lake City, Utah. Now the twist: Novell’s board essentially wrote an open letter to other potential suitors. Here’s the analysis from The VAR Guy.

"First, the back story (in case you missed it). Elliott Associates already owns a chunk of Novell stock, and the hedge fund earlier this month offered to buy the rest of Novell for about $1.8 billion."

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