Elliott Pushes Riverbed Bid, Seeks More Info.

Apr 15 2014 | 10:49am ET

A month after Riverbed Technology rejected its richer offer, Elliott Management is standing pat—for now.

The hedge fund said it remained "extremely interested" in buying the networking equipment maker. But it stuck to the $3.36 billion offer it made in February, and that Riverbed rejected as too low last month.

Elliott said it would consider another increase in the $21 per share offer, but only if it is given access to Riverbed's books. In March, Elliott criticized the company for refusing to allow potential buyers to do due diligence.

"Shareholders clearly still expect that the board will eventually do the right thing by engaging with Elliott and other potential buyers, but unfortunately our repeated requests for access to diligence materials have been ignored," Elliott's Jesse Cohn said.

Elliott owns about 10.5% of Riverbed.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

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

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of