Elliott Increases Juniper Bet After Winning Concessions

Mar 13 2014 | 11:27am ET

Having won promises that Juniper Networks will return $3 billion to shareholders, Elliott Management is making sure it participates sufficiently.

The New York-based hedge fund has increased its stake in Juniper to 7.4%, it said in a regulatory filing yesterday. The firm, which previously owned 6.2% of the company, is Juniper’s second-largest shareholder.

Elliott said in its filing that it believes the networking company’s shares remain “significantly undervalued.”

Presumably, the hedge fund believes that the concessions it extracted from Juniper last month will help change that. In exchange for Elliott’s agreeing to drop a threatened proxy contest, Juniper said it would launch a share buyback program, cut expenses and add two new directors to its board.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...