Elliott Offers Comments on Riverbed's Earnings Miss: Reaffirms $21/Share Bid

Elliott Management Corporation (“Elliott”) today issued the following public statement regarding Riverbed Technology

. “Riverbed's poor performance this quarter reveals its decision to stonewall prospective buyers to be a serious and costly mistake. The results of the Board's decision to "bet on execution" are in: revenue guidance lowered to $265 million on disappointing sales, a topline miss of nearly 5% from guidance that was given only one quarter ago. All Riverbed stakeholders will end up paying for this reckless gamble, in which the Board clearly put the interests of a deeply entrenched management team ahead of shareholders. This is a clear sign that dramatic change is needed at Riverbed: The Board should immediately retain an advisor and announce a review of strategic alternatives, including a sale. To that end, as the company's largest shareholder, we reaffirm our cash bid of $21 per share.”