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NOVELL : Levi & Korsinsky LLP Investigates a Possible Appraisal Action on Behalf of Novell Inc. Shareholders - NOVL

01/05/2011 | 02:40pm EDT

Novell Inc. announced on November 22, 2010 that it had agreed to sell the company to Attachment Corporation for $6.10 per share for a total transaction value of $2.2 billion. Attachmate is owned by Francisco Partners, Golden Gate Capital and Thoma Bravo. In conjunction with the sale, Novell announced that it has agreed to sell certain intellectual property to CPTN Holdings LLC for $450 million in cash.

In addition to the cash from the asset sale, for the most recent quarter, the company reported cash of $1.03 billion. Thus, after factoring in the current cash balance plus the asset sale, Attachment is purchasing Novell's operations, which includes Novell's valuable SUSE Linux business, for approximately $720 million, net of cash. Accordingly, shareholders may have received greater value if the Novell board sold the company's assets separately and distributed a cash dividend then by selling the company as a whole.

Furthermore, Novell stock traded as high as $6.53 as recently as September 22, 2010 and at least one analyst, Oscar Gruss, set a price target of $7.00 per share before the transaction was announced. In addition, Novell's executive officer and directors are to receive approximately $16,968,806 in the aggregate due to the acceleration and vesting of unvested stock options, restricted stock awards, restricted stock units, and unvested stock-based deferred compensation units upon consummation of the sale which they would not have received if the company's assets were sold separately.

If you own Novell stock and believe the company is worth more than $6.10 per share, you may have a right to initiate an appraisal action to seek fair value. To find out whether appraisal is appropriate for you, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/novell-appraisal.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.

Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171

ę Business Wire 2011
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