Elliott Associates and Novell: All About a Game of Cat and Mouse
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. So here goes. |
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