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By now you've probably read endless takes on the news that Elliott Associates, one of the oldest hedge funds, with over US $16 billion under management, has made an unsolicited offer for Novell. But what happens next?
Almost all of these articles have focused on whether Elliott means business, what they'll do to Novell if they are successful, and whether another (and perhaps ultimately successful) bidder will enter the scene.
I haven't seen any article yet, though, that describes in detail how the high stakes game of tender offers is played, and how the usual process maps (and doesn't) to a high tech company like Novell. So I thought I'd provide an overview for those that haven't had occasion to follow a tender offer in the past, and also my thoughts on what may happen over the next several months in this particular game of cat and mouse.
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