Riverbed Technology Rejects Elliott Management's Latest Offer - Quick Facts

(RTTNews) - Network equipment maker Riverbed Technology Inc (RVBD) announced Friday that it has unanimously rejected activist hedge fundElliott Management Corp.'s sweetened $21.00 per share unsolicited offer, saying that the proposal undervalues the company and is not in the best interests of shareholders.

"As previously stated, the Board will carefully review any credible offer to acquire the Company that it receives. Any such offer must deliver value to our shareholders in excess of what we believe will be created as we execute on our growth plans. The Board remains focused on delivering value to all Riverbed shareholders," Riverbed Technology said in a statement.

On February 25, Elliott Management Corp. raised its offer for Riverbed Technology. to $21.00 a share in cash.

In January, Elliott Management had offered to buy Riverbed for $19.00 a share or for about $3.08 billion. However, Riverbed rejected that offer saying the proposal undervalued the company. The new offer values Riverbed at about $3.36 billion.

Activist investing firm Elliot had disclosed in November that the firm and its associates had accumulated a 10.4 percent stake in Riverbed, making it the largest shareholder of the company.