Novell Inc., a network software maker, said it agreed to buy computer consultant Cambridge Technology Partners Inc. for about $245 million in stock. The company also said Jack Messman, president and chief executive of Cambridge Technology, would become Novell’s chief executive. Eric Schmidt would remain Novell’s chairman but give up chief executive duties. He also would become chief strategist for Novell. Under the acquisition agreement, Cambridge Technology shareholders would receive 0.668 share of Novell stock for each share of Cambridge Technology they own. Novell said the acquisition would expand its ability to support customers who buy its software and offer consulting services to other companies. Shares of Provo, Utah-based Novell fell 25 cents to close at $5.81, and Cambridge Technology fell 22 cents to close at $3.09, both on Nasdaq.
Novell to Acquire Cambridge Technology