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Novell Board Rejects Elliott Associates' Unsolicited Bid

DOW JONES NEWSWIRES Software company Novell Inc. (NOVL) said Saturday its board has rejected an unsolicited bid from hedge fund Elliott Associates LP to acquire the company for $5.75 per share in cash, calling it "inadequate." Novell in a press release said the bid "undervalues the Company's franchise and growth prospects." Elliott Associates, which holds an 8.5% stake in Novell, earlier this month offered to buy the rest of the company for about $1.8 billion. Novell also said Saturday its board has authorized a "thorough review of various alternatives" to enhance stockholder value. Among these alternatives, it said, are strategic partnerships and alliances, joint ventures, a stock repurchase or cash dividend, a recapitalization and a sale of the company.

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