Sunday, March 21, 2010

Novell Rejects Elliott’s Bid as ‘Inadequate’ - DealBook Blog - NYTimes.com

Looking for a higher price

Novell, a maker of business software, said Saturday that it had rejected Elliott Associatesunsolicited $2 billion takeover bid as “inadequate,” saying the hedge fund’s offer “undervalues the company’s franchise and growth prospects.”

Novell also said its board was considering alternative ways to increase its value to its shareholders, including a stock buyback, a special cash dividend, joint ventures and alliances with other companies, a recapitalization and an outright sale of itself.

Novell Rejects Elliott’s Bid as ‘Inadequate’ - DealBook Blog - NYTimes.com

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