Sunday, 19 April 2015
Last updated 6 hours ago
Mar 22 2010 | 2:07pm ET
Software giant Novell Inc. has rejected a $2 billion bid for itself from hedge fund Elliott Associates.
The Waltham, Mass.-based company said the hedge fund’s bid undervalues its “franchise and growth prospects.” But Novell said it would launch a review of strategic alternatives, an indication that it would consider putting itself up for sale.
Despite the rejection, Elliott said it was pleased with Novell’s announcement.
“We welcome the board’s decision to conduct a sale of the company, which we believe is the best way to maximize shareholder value,” the hedge fund said. “Our goal is to acquire Novell, and our cash offer to acquire all of the company’s shares for $5.75 per share provides shareholders with a substantial premium. We look forward to the process and to actively pursuing an acquisition of the company.”
Elliott did not indicate whether it would be willing to boost its offer.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…