logo
Plus   Neg
Share
Email

Riverbed Technology Rejects Elliott Management's Latest Offer - Quick Facts

Network equipment maker Riverbed Technology Inc (RVBD) announced Friday that it has unanimously rejected activist hedge fundElliott Management Corp.'s sweetened $21.00 per share unsolicited offer, saying that the proposal undervalues the company and is not in the best interests of shareholders.

"As previously stated, the Board will carefully review any credible offer to acquire the Company that it receives. Any such offer must deliver value to our shareholders in excess of what we believe will be created as we execute on our growth plans. The Board remains focused on delivering value to all Riverbed shareholders," Riverbed Technology said in a statement.

On February 25, Elliott Management Corp. raised its offer for Riverbed Technology. to $21.00 a share in cash.

In January, Elliott Management had offered to buy Riverbed for $19.00 a share or for about $3.08 billion. However, Riverbed rejected that offer saying the proposal undervalued the company. The new offer values Riverbed at about $3.36 billion.

Activist investing firm Elliot had disclosed in November that the firm and its associates had accumulated a 10.4 percent stake in Riverbed, making it the largest shareholder of the company.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Eli Lilly and Co. (LLY) will end a phase III clinical trial for its COVID-19 antibody treatment in the U.S., due to insufficient evidence on improved clinical outcomes. Orca Bay Foods, LLC recalled about 4,450 pounds of Trader Joe's brand Gluten Free Battered Halibut products for undeclared wheat and milk allergens, according to a statement published by the U.S. Food and Drug Administration (FDA). The action was initiated after it was discovered that product containing Wheat and Milk was distributed in packaging. Lee Kun-hee, the Chairman of South Korean conglomerate Samsung Group, has died on October 25, at the age of 78. It was he who transformed Samsung into a South Korean behemoth, and the world's largest manufacturer of smartphones, televisions, and semiconductors. As per reports, Lee's only son Jae-yong, who currently serves as vice chairman of Samsung Electronics, is likely to take over Samsung.
Follow RTT