Paul Singer’s Elliott Associates Offers to Acquire Riverbed Technology Inc. (RVBD)

Paul Singer‘s fund Elliott Associates intends to acquire Riverbed Technology, Inc. (NASDAQ:RVBD), a newly amended filing with the Securities and Exchange Commission shows. The fund offered to buy all of the outstanding common stock of Riverbed at a price of $19.0 per share. Amid the proposal, share price of Riverbed Technology, Inc. (NASDAQ:RVBD) gained over 11%.

Paul Singer ELLIOTT MANAGEMENT

Elliott Associates, together with Elliott International Limited hold in aggregate 10.5% of the company’s stock, which makes them in aggregate one of the largest shareholders of Riverbed Technology, Inc. (NASDAQ:RVBD).

The fund offered to acquire Riverbed Technology after taking into account its diligence in its products, markets, as well as the fund’s experience in the networking industry, Elliott said in the letter addressed to the company’s board.

“We are aware that numerous parties have expressed acquisition interest in Riverbed, and this structure guarantees that the Company will secure a healthy premium for its stockholders while holding open the opportunity to obtain an even higher premium.  Our draft merger agreement contains no financing condition, and we have endeavored to make this a document that is both customary for transactions of this type and fair to both sides in order to facilitate a quick negotiation.  We are eager to move ahead expeditiously,” Elliott also said.
Elliott Associates initiated a stake in the company in September 2013, acquiring around 6.48 million shares of the company. Later the fund increased its stake in the company to 10.4%. In December, Elliott submitted a proposal to Riverbed Technology, Inc. (NASDAQ:RVBD) regarding the increase of the shareholder value of the company.
Riverbed Technology, Inc. (NASDAQ:RVBD) has adopted a stockholder rights plan, known also as the “Poison Pill”, which usually represents a measure to prevent the company from a hostile takeover. The board adopted the plan in order to ensure a fair and equal treatment of all stakeholders of the company.
Another hedge fund that holds a significant position in Riverbed Technology is William B. Gray‘s Orbis Investment Management. In its latest 13F, the fund disclosed a $173.37 million stake, which amasses over 11.88 million shares.
Disclosure: none
Recommended Reading:

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!