Riverbed Technology Spikes On Reported Start Of 'Sales Process'
Riverbed Technology, Inc. (NASDAQ: RVBD) spiked Wednesday after a website said the company is seeking suitors.
The company is expected to start a sale process and contact potential buyers next week, according to an item said to be published by dealReporter.
Riverbed said on October 9 that it will review strategic and financial alternatives, with no timetable for the process.
On the same day, Eric Mindich's Eaton Park Capital fund said it had made a $21 per share bid for Riverbed, and "looks forward to completing our confirmatory diligence in an expedited fashion.”
Eton recently boosted its stake in Riverbed Technology to a 5.6 percent stake, or 9 million shares from 2.95 million shares.
Riverbed rejected an earlier $21 per share offer from the hedge fund Elliott Management in February, calling it inadequate.
Since rejecting the earlier offer, Riverbed shares are down more than 5 percent.
In afternoon trading Wednesday, Riverbed gained 2.7 percent to $18.40.
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