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Riverbed shareholder makes USD 3 bln takeover bid

2014-01-09 09:32:00| Telecompaper Headlines

(Telecompaper) Riverbed Technology announced that it has received an unsolicited takeover bid from Elliott Management worth USD 19.00 per share in cash. The company's board will review the offer before commenting further. The bid values Riverbed at just over USD 3 billion. Elliot already holds a 10.5 percent stake in the company and has been pushing Riverbed to review its strategy. In a letter to the company in November, it called the stock "significantly undervalued". Riverbed then started working with Goldman Sachs to study strategic options, people with knowledge of the situation told Bloomberg.

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