Activist hedge fund Elliott Management Corp. has sweetened its offer for Riverbed Technology Inc. (RVBD) to $21.00 a share in cash. Shares are currently up over 4 percent.
In January, Elliott Management had offered to buy Riverbed Technology for $19.00 per share, or a total of about $3.08 billion. Elliott Management owns about 10.5 percent stake in Riverbed Technology and is one of its largest shareholder.
Elliott has made it clear that it will not increase its offer any further in the absence of private diligence.
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