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WALTHAM, Mass. (AP) - Business software maker Novell Inc. said Monday it has found a new suitor to take over the company after rejecting a lower offer from a private equity firm earlier this year.
Novell, based in Waltham, Mass., said Attachmate Corp. has agreed to pay about $2.2 billion in cash, or $6.10 per share.
That tops an offer of $5.75 per share that Elliott Associates L.P. made back in March, a bid that valued the company at about $2 billion. Messages left with Elliott Associates were not immediately returned Monday.
The new offer represents a premium of 27 percent over Novell's closing share price of $4.80 on March 1, the day before Elliott Associates made its offer.
Novell shares climbed 37 cents, or 6.6 percent, to $5.96 in morning trading.
Attachmate, based in Seattle, is owned by private equity firms Francisco Partners, Golden Gate Capital and Thoma Bravo.
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