I’m not going to jail for trading in Novell. In fact, I’m not going to trial, there will be no indictment…hell, I’m not even going to be investigated.
Several years ago I identified Novell as a buyout target. I will not go into my reasoning, but let’s just say I did so before it actually became a buyout target. I accumulated some shares, and sat tight. The stock languished.
Not even on my radar, I received a notification of the upcoming shareholders meeting. I reviewed my position in the wee morning hours, and concluded it was time to bail. I’m still not going into my reasoning.
Twelve hours later Elliott Associates LP, a fund that holds an 8.5% stake in the company, offered to buy the rest of it for roughly $5.75 a share. The stock hit $6.15 in after hours trading.
I think I got between $4.75 and $4.85 for my shares. During normal trading hours. I won’t be looking at those confirms again.
No steak dinner for me.