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July 14, 2014
10:59 EDTLOGM, CTXS, NTCT, RVBDElliot reaffirms $21 Riverbed bid following Q2 warning
Shares of information technology solution developer Riverbed (RVBD) are falling after the company cut its second quarter adjusted EPS and revenue outlook. Afterward, investor Elliot Management announced that it is reaffirming its $21 per share bid for the company. WHAT'S NEW: Riverbed announced this morning that it now sees Q2 adjusted EPS to be at low end of a 26c-28c range, which is in line with analysts' consensus forecast of 27c. The company lowered its Q2 adjusted revenue view to $264M-$265M from $274M-$280M, below analysts' consensus of $277.4M. The company said Q2 sales were below its expectations, principally in North America, as it experienced longer sales cycles on some of its larger and more complex deals. Following the company's announcement, activist investor Elliot Management, one of Riverbedís largest shareholders, said Riverbed's "poor performance this quarter reveals its decision to stonewall prospective buyers to be a serious and costly mistake." Elliot urged the board to "immediately" retain an advisor and announce a review of strategic alternatives, including a sale. Elliot also reaffirmed its previously announced cash bid of $21 per share to buy the company. ANALYST OPINION: Research firm Wells Fargo said after the profit warning that it thinks there are still fundamental reasons to be cautious about Riverbed. However, the firm also believes the company's Q2 miss strengthens Elliot's position that its $21 offer represents fair value and the activist investor's involvement limits downside risk in the stock. The firm keeps its Market Perform rating and $19-21 price target range on Riverbed. OTHERS TO WATCH: Other cloud infrastructure companies include Citrix Systems (CTXS), LogMeIn (LOGM), and NetScout Systems (NTCT). PRICE ACTION: During morning trading, shares of Riverbed were down $1.19, or 5.85%, to $19.16.
News For RVBD;CTXS;LOGM;NTCT From The Last 14 Days
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October 9, 2015
08:02 EDTLOGMLogMeln acquires LastPass for $110M in cash
LogMeIn announced that it has agreed to acquire LastPass. A high growth business with millions of loyal users and an award winning product line, LastPass will immediately bolster LogMeIn's position in the multi-billion dollar identity and access management market, while accelerating one of the company's key strategic growth initiatives. The deal is expected to close in the coming weeks. Under the terms of the transaction, LogMeIn will pay $110M in cash upon close for all outstanding equity interests in LastPass, with up to an additional $15M in cash payable in contingent payments which are expected to be paid to equity holders and key employees of LastPass upon the achievement of certain milestone and retention targets over the two-year period following the closing of the transaction.
September 25, 2015
11:43 EDTCTXSCitrix may not be for sale according to internal memo, Fortune reports
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