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Elliott Management Corporation (“Elliott”) today issued a public statement
regarding Riverbed Technology
RVBD.
“Elliott remains extremely interested in acquiring Riverbed, and our $21 cash
offer still stands,” said Jesse Cohn, portfolio manager at Elliott.
“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. 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. 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.”
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