Sunday, 26 October 2014
Last updated 1 day ago
Feb 26 2014 | 11:56am ET
Elliott Management has increased its offer for Riverbed Technologies by more than 10%.
The activist hedge fund boosted its bid to $21 per share, up from $19, valuing the new offer at more than $3.3 billion. But it said it would not increase the offer until Riverbed allowed it to conduct due diligence—and criticized the networking equipment maker for refusing to put itself up for sale.
Indeed, Elliott does not really want to buy Riverbed itself. It hopes it can force the company to listen to the much higher offers it says have been made for the company.
"We believe shareholders, the actual owners of the company, should be outraged by the board's behavior," Elliott's Jesse Cohn wrote. "This behavior is inconsistent with the fiduciary responsibilities of a public company board, whose obligation is to maximize value for stockholders."
Riverbed, which rejected Elliott's lower offer last month, said it would review the new bid.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.