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Stock Market & Financial Investment News

News Breaks
January 8, 2014
10:45 EDTRVBDElliot offers to acquire Riverbed for $19.00 per share
Elliott Management sent a letter to the board of Riverbed offering to acquire all of the outstanding shares of common stock of Riverbed for a price of $19.00 per share in cash. Elliott, affiliates of which collectively own or have economic exposure to approximately 10.5% of the common stock and equivalents of Riverbed is a multi-strategy investment firm. In the letter, Elliot said, "Riverbedís valuation has been impaired by slowing growth in its core WAN optimization market and by significant investments in both acquisitions and operating expenses undertaken to diversify away from the core WAN optimization business. As a result, we believe the Companyís stock, prior to the filing of our 13D, meaningfully underperformed its peers and indices over nearly every significant time period... we believe that Elliott is uniquely situated to deliver maximum value to the Companyís stockholders on an expedited basis. Elliott is prepared to devote considerable resources to completing this transaction, and we are confident that with your cooperation we will be able to execute a definitive transaction agreement without delay."
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September 17, 2014
11:47 EDTRVBDRiverbed's Scott Downie departs company to join Illumio, Re/code says
Scott Downie, who has run Riverbed's customer support operations for nearly nine years, has left the company to join security startup Illumio, Re/code reports. Reference Link
September 12, 2014
20:39 EDTRVBDRiverbed announces developments in litigation with Silver Peak
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20:35 EDTRVBDJudge upholds infringement verdict against Riverbed in favor of Silver Peak
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September 10, 2014
12:42 EDTRVBDElliott says $21/share Riverbed offer stands, board not working with holders
Elliott Management issued a public statement regarding Riverbed Technology, stating in part: ďRiverbedís announcement today sends a clear message to shareholders: We donít care what you think...Going against every modern principle of shareholder engagement and good corporate governance, Riverbedís Board has decided to ignore the wishes of shareholders on every count. The Board didnít just ignore the larger message to stop entrenching and engage. It even decided to keep the Board member that was voted off, failed to articulate any meaningful changes to the compensation plan, and chose to keep its poison pill. Above all, the Board continues to ignore serious acquisition interest even after the company publicly admitted that it will miss its ď10% growth planĒ by a wide margin...We have tried to engage with this Board, and our cash offer of $21 per share for Riverbed still stands. However, the Boardís decision today indicates that these directors are simply not interested in working with shareholders constructively. As one of the companyís largest shareholders, we intend to remain fully engaged, and we will continue to work toward a value-maximizing outcome.Ē
12:39 EDTRVBDElliott says $21 per share offer for Riverbed still stands
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12:39 EDTRVBDElliott says Riverbed board not interested in working with shareholders
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08:33 EDTRVBDRiverbed affirms commitment to corporate governance enhancements
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08:31 EDTRVBDRiverbed names Mike Nefkens, Steffan Tomlinson to board of directors
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