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Novell, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Attachmate Corporation

^{Published on 2010-11-23 10:40:41 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ Novell, Inc. ] (aNovella or aNOVLa) (NASDAQ: NOVL) related to the proposed acquisition of Novell by Attachmate Corporation.

The definitive acquisition agreement, which was announced on November 22, 2010, involves a transaction valued at approximately $2.2 billion under which Novell shareholders will receive a cash payment of only $6.10 for each share of Novell/NOVL common stock they hold. Although the acquisition price represents an approximate 8% premium over Novell/NOVLa™s closing price the Friday before the acquisition announcement, Novell/NOVL shares traded as high as $6.51 in September of this year, and at least one analyst has set a target price of $7.50 per share. Based on these and other factors, the proposed transaction does not appear to adequately value Novell/NOVL shares.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Novell for approving this transaction and whether Novella™s Board of Directors acted in the shareholdersa™ best interests and properly shopped the deal.

If you currently own shares of Novell/NOVL and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.