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Novell Rejects "Inadequate" $2B Takeover Bid

Posted by timothy on from the come-back-with-a-real-offer dept.

alphadogg writes "Novell's CEO wrote to customers Saturday telling them that the software company has rejected a $2 billion bid by hedge fund Elliott Associates to take it private. He called the offer 'inadequate' and said Novell will review alternatives. Novell has struggled financially even as it has reinvented itself from its NetWare network operating roots into an open source (SUSE and Ximian) and management and security software company. Revenue fell 10% during its most recent fiscal year (wrapped up in October) and its net losses widened. CEO Hovsepian's total compensation fell 17% to $5.7 million."

4 of 111 comments (clear)

  1. Sympathy for the poor by Anonymous Coward · · Score: 1, Funny

    "CEO Hovsepian's total compensation fell 17% to $5.7 million."

    The man's struggling! Send Novell your donations.

  2. Re:Dummy! Take the money and Run! by Kotoku · · Score: 2, Funny

    Yahoo! of course! Don't you agree!

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  3. Novell's response to Elliot by Anonymous Coward · · Score: 1, Funny

    Here is a more concise representation of Novell's response to Elliot's takeover bid.

  4. Re:Somewhere... by tabdelgawad · · Score: 2, Funny

    The market disagrees with both of you - market cap is 1.96B.

    http://www.google.com/finance?q=novl

    Of course, a takeover bid usually involves a significant premium, so offering 2B seems low.

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