Novell Inc., a seller of network software whose stock has slid 85 percent in the past decade, received an unsolicited takeover bid from shareholder Elliott Associates LP that values the company at about $2 billion. Novell's shares jumped as much as 37 percent to $6.51 in extended trading, indicating that investors see the $5.75-a-share bid as too low. Elliott, a money management firm that owns about 8.5 percent of Novell's shares outstanding, made the cash offer public in a letter Tuesday to the company's board.
Elliott Associates LP, whose takeover bid for Novell Inc. was turned down over the weekend, said it's pleased that Novell is willing to consider being acquired. Novell rejected Elliott's unsolicited $5.75-a-share offer on March 20, saying it undervalued the company. Still, the software maker said it was open to the possibility of an acquisition. Elliott said Monday it remains committed to buying Novell.
Editor's note: This version of the story recasts information, and adds analyst's comments, Epicor's comments and updated share price movement NEW YORK (Reuters) - Hedge fund Elliott Associates LP ended its hostile takeover bid for Epicor Software Corp. after the business software maker's board backed its view that stockholders should reject the "highly conditional" offer, and shares of Epicor slumped to a five-year low.
NEW YORK (HedgeWorld.com) - In going to battle against a fund tied to the New York hedge fund Elliott Associates LP, BioDelivery Sciences International Inc. is either taking a principled stand on behalf of its shareholders or recklessly spurning needed capital and careening toward insolvency. In a news release Tuesday [Sept. 5] BioDelivery said it notified the CDC IV LLC fund - in which Elliott has a majority, but not a controlling, equity interest - that in BioDelivery's view, CDC had breached a July 2005 development and licensing agreement regarding BioDelivery's Phase III BEMA Fentanyl product.
Qwest Communications International Inc. is being urged by some of MCI Inc.'s largest shareholders to revive its $9.75 billion takeover offer for the company. Fairholme Capital Management LLC and Elliott Associates LP said Qwest Chief Executive Officer Richard Notebaert should revive the pursuit. Qwest abruptly abandoned its campaign this week after MCI for the third time endorsed a lower bid from Verizon Communications Inc., the largest U.S. telephone company.
GREEN BAY, Wisc. (HedgeWorld.com) - Discount retailer ShopKo Stores Inc. has made its case to its shareholders that they should approve of its proposed acquisition by Minneapolis-based Goldner Hawn Johnson & Morrison Inc. for $US25 a share, over the objections of Elliott Associates LP, New York, and Levco Alternative Fund Ltd., Cayman Islands. The shareholders' meeting was originally scheduled for Sept. 14 but was adjourned to Oct. 10 to allow for sufficient time for the preparation of and deliberation upon pertinent proxy materials.
NEW YORK (HedgeWorld.com) - Elliott Associates LP and its sister fund, Elliott International LP, Cayman Islands, have announced that they now own 5.93% of the common stock of Enterasys Networks Inc., Andover, Mass. Enterasys, the largest chunk of the old Cabletron Systems, which broke up in 2001, is a computer networking equipment concern.
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