Novell sells most of SCO shares
By Reuters
Special to CNET News.com
June 17, 1999, 8:05 p.m. PT
Novell sold 1,363,750 common shares of Santa Cruz Operation today, lowering its stake to 300,000 shares.
SCO financial officer John Luhtala said he plans to buy those remaining 300,000 shares for SCO's current stock repurchase program, which would eliminate Novell's stake in SCO, a rival network software maker. Luhtala said he won't be able to buy the shares until after SCO has released its earnings, expected on July 20.
The 1,363,750 shares that Novell sold this morning were placed with several institutional investors whom Luhtala declined to identify.
Yesterday, Novell, based in Provo, Utah, said in a Securities and Exchange Commission filing it had lowered its stake in SCO, based in Santa Cruz, California, to 4.84 percent, or 1,663,750 common shares.
Novell had previously held 7.95 percent, or 2,731,750 shares.
SCO shares rose .25 to 5.84375 on Nasdaq on today.
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