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Novell has rejected a proposed $2bn takeover from investment fund Elliott Associates deeming the offer to be inadequate.
Elliott Associates had made its offer at the start of the month and some had expected it to start a bidding war for the company.
Novell's board does however continue to consider the possibility of a sale giving hope to the investment fund group that they can come back in for another attempt.
"We welcome the Board's decision to conduct a sale of the company, which we believe is the best way to maximize shareholder value. Our goal is to acquire Novell," stated Elliot.
Novell's board rejected the $2bn offer over the weekend but according to wire reports is not only considering a sale but other options including forming alliances with other vendors and making a recapitalisation move.
Elliott Associates already holds 8.5% of Novell, and in a letter sentto the board of directors on 2 March stated its belief that the firm'srecent attempts to diversify away from its legacy division have been"largely been unsuccessful".