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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...