Hedge fund, Elliott Associates, is looking to buy software company, Novell, for $1.8 billion, The Wall Street Journal reports. Elliott already holds an 8.5% stake in Novell, which currently has a cash balance of nearly $1 billion.

Elliot is planning to pay $5.75 a share, or a premium of 21% over Novell’s closing price. Several large software makers may consider bidding as they could sell their business programs alongside Novell’s version of Linux, adds Reuters.

Click here for the story from The Wall Street Journal.

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