Hedge Fund to buy Novell?

A Hedge Fund has made a $2 billion offer to buy Novell; this perhaps surprising move values the formerly industry leading company at $5.75 a share. Wall Street expect the bid to be increased after shares hit $6.07 once this was announced.

I have to say I was quite taken aback by this as Novell have, by a lot of people, been written off to a large extent. I’d be interested to see what plans Elliott Associates/their client (the potential buyers) have for the future of Novell and it’s technology should they be successful.

New York Times here.

Elliott Associates site here.

Elliott Associates are

“dedicated to Retained Executive Search for the Hospitality, Foodservice, Manufacturing, Retail and Service Industries”

and have “functional expertise” in the IT sector.

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