Mergers and Acquistions News
Categories: IT Services & Consulting
November 23rd 2010, 16:58PM
A Microsoft-headed consortium will acquire parts of Novell, a global computer products firm, for $540 million (£282 million) in an intricate deal, the firm announced in a statement.
The majority of Novell will actually go to Attachmate Corporation, an infrastructure software provider, for $2.2 billion (£1.3 billion), or $6.10 per share, a 28 per cent premium on the firm's March 2nd closing share price.
Attachmate is owned by a trio of investment groups: Francisco Partners, Golden Gate Capital and Thoma Bravo.
In addition, the Microsoft-organised consortium, CPTN Holdings, will purchase some of Novell's intellectual property assets.
"After a thorough review of a broad range of alternatives to enhance stockholder value, our board of directors concluded that the best available alternative was the combination of a merger with Attachmate Corporation and a sale of certain intellectual property assets to the consortium," said Ron Hovsepian, president and chief executive officer of Novell.
According to Reuters, in March this year Novell rebuffed an unsolicited bid from Elliott Management, a private equity firm.
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