Novell Rejects "Inadequate" $2B Takeover Bid 111
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."
Sympathy for the poor (Score:1, Funny)
The man's struggling! Send Novell your donations.
Re:Dummy! Take the money and Run! (Score:2, Funny)
Novell's response to Elliot (Score:1, Funny)
Here is a more concise representation of Novell's response [wordpress.com] to Elliot's takeover bid.
Re:Somewhere... (Score:3, Funny)
The market disagrees with both of you - market cap is 1.96B.
http://www.google.com/finance?q=novl [google.com]
Of course, a takeover bid usually involves a significant premium, so offering 2B seems low.