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Slideshow Novell's board must face investor suit over Attachmate sale Tweet Share this Email Print Related News NY pension fund sues Qualcomm for political records Thu, Jan 3 2013 GM could face $918 million hit from bankruptcy-related lawsuit Thu, Jan 3 2013 Porsche wins dismissal of U.S. hedge fund lawsuit over VW Thu, Dec 27 2012 New Jersey pension fund sues NYSE Euronext on ICE deal Mon, Dec 24 2012 Kodak in $525 million patent deal, eyes bankruptcy end Wed, Dec 19 2012 Analysis & Opinion NY pension fund’s bold tactic to force campaign spending disclosure Judge in gargantuan Google privacy class action: No harm, no case Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Investing and Taxes Simplified » WILMINGTON, Delaware | Fri Jan 4, 2013 11:07am EST WILMINGTON, Delaware (Reuters) - Novell Inc directors who approved the information technology company's 2010 sale for $2.2 billion must defend a lawsuit that alleges they unfairly favored Attachmate Corp over other bidders. The shareholders brought a reasonably conceivable claim that the directors acted in bad faith based on their "unexplained, extremely favorable treatment of Attachmate," Delaware Court of Chancery Judge John Noble wrote in a 50-page opinion. His ruling on Wednesday will allow the case to proceed. Novell's board agreed in November 2010 to sell the company to Seattle-based software firm Attachmate for $6.10 per share. As part of the deal, Novell also agreed to sell a collection of patents to a group led by Microsoft Corp for $450 million. Novell shareholders, led by pension funds for Oklahoma firefighters and Louisiana police, sued and alleged that the board did not allow another potential buyer, which initially had the higher bid, to partner with others as Attachmate did. Attachmate was also told of the simultaneous patent sale, while the other bidder was not. Bret Fitzgerald, a spokesman for Novell, which is based in Waltham, Massachusetts, did not immediately respond to a request for comment. Judge Noble refused the directors' request for an early dismissal, and the case will now proceed to trial where the defendants can present evidence and testimony to counter the plaintiffs' claims. Many investor lawsuits settle after surviving a motion to dismiss. However, Noble did dismiss claims against Attachmate and Elliott Associates. The hedge fund had been accused of gaming the sale of Novell to get what plaintiffs said was nearly $10 per share for its 7 percent stake in the company. Elliott's unsolicited bid for Novell jump-started the sale process and the hedge fund helped finance the deal with Attachmate. (Reporting By Tom Hals in Wilmington, Delaware; Editing by Nick Zieminski) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Investing and Taxes Simplified Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) tmc wrote: Edition: U.S. Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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