Novell Rejects Hedge Fund’s Offer To Take The Company Private For $2 Billion

New York-based hedge fund Elliott Associates L.P. in a letter to Novell 's board of directors dated March 2 offered to purchase the infrastructure software company for a cash price of $5.75 per share, or $1 billion net of the cash on the company's books. Elliott Associates at the time said it already owned 8.5 percent of Novell and wanted to take the company private for $2 billion . This morning, Novell's board publicly responded to the letter, deeming the "unsolicited, conditional proposal" from the hedge fund "inadequate".