Elliott Welcomes Novell Decision To Sell Company Major Shareholder Looks Forward to Process and Acquiring the Company
NEW YORK, March 22 /PRNewswire/ -- Elliott Associates, L.P. (together with funds under common management), issued the following statement in response to the decision by the Board of Directors of Novell, Inc. (Nasdaq: NOVL) to put the Company up for sale:
"We welcome the Board's decision to conduct a sale of the company, which we believe is the best way to maximize shareholder value. 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 of 109% to the company's equity value net of cash on January 4, the day before we commenced actively acquiring Novell shares. We look forward to the process and to actively pursuing an acquisition of the Company."
Elliott's two funds, Elliott Associates, L.P. and Elliott International, L.P., together have more than $16 billion of assets under management. The funds' investors include institutions, foundations, endowments, pensions, high net worth individuals, and family offices. The 33-year-old trading firm is one of the oldest of its kind under continuous management.
SOURCE Elliott Associates, L.P.