Elliott Management Confirms $21 Bid For Riverbed Tech. - Quick Facts

(RTTNews) - Elliott Management Corp. provided a public statement on Riverbed Technology (RVBD).

Jesse Cohn, portfolio manager at Elliott, stated: "Elliott remains extremely interested in acquiring Riverbed, and our $21 cash offer still stands." He continued, "Riverbed's stock is trading meaningfully below our $21 offer, below our initial offer of $19 and vastly below the levels at which other potential buyers are interested. Nevertheless, even at these levels, the stock price remains above the unaffected price of $16-$17 per share."

The company said shareholders still clearly anticipate that the board would finally do the right thing by engaging with Elliott and other potential buyers, but unfortunately its repeated requests for access to diligence materials have been ignored.

Cohn added, "By continuing its policy of ignoring premium offers and refusing to engage, this board is depriving shareholders of significant potential value and opening the door to significant value degradation. Elliott continues to believe that the best path forward for Riverbed is for the Board to start acting in the best interest of shareholders by providing all interested buyers with access to diligence with an eye toward achieving a value-maximizing outcome."