Novell Says 'No' to 'Inadequate' $2 Billion Takeover Bid

Monday Mar 22nd 2010 by Developer.com Staff
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With $1.82 billion in assets, Novell might be worth more than the $2 billion Elliott's offered to purchase the struggling company.

On Saturday, Novell's CEO Ron Hovsepian told customers that the company had turned down the $2 billion offer by the hedge fund Elliott Associates to take the company private.

According to NetworkWorld's Bob Brown, Hovespian said that after careful consideration, the offer by Elliott Associates was "inadequate and that it undervalues the company's franchise and growth prospects."

While some suggest that Novell jump at the $5.75 per share offer, Brown reported that others think that Novell is worth more than $2 billion considering it has $1.82 billion in assets.

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