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+ - Novell Board Declines Elliot's Offer

Submitted by
FlyingGuy
FlyingGuy writes "In an e-mail sent to partners and VARS ( of which I am one ), CEO Ron Hovsepian sent the the following:

Dear Valued Partner,

As you may know, on March 2nd, Elliott Associates, L.P. announced an unsolicited, conditional proposal to acquire Novell. Today we issued a press release announcing that our Board of Directors has concluded, after careful consideration, including a review of the proposal with its independent financial and legal advisors, that Elliott's proposal is inadequate and that it undervalues the Company's franchise and growth prospects.

Additionally, we announced that our Board has authorized a thorough review of various alternatives to enhance stockholder value.

Our relationship with you is extremely important to all of us at Novell, and I want to assure you that you can remain confident that we are committed to serving you as we always have. I also want to reaffirm to you that it remains business as usual at Novell, and we do not intend for there to be any changes in our relationship with you. Please do not hesitate to contact me or other members of our team at any time; we always strive to be available to provide you the best solutions for your needs.

On behalf of the Board and management team, I thank you for your ongoing commitment to Novell.

Sincerely,

Ron Hovsepian
President and CEO

"
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Novell Board Declines Elliot's Offer

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