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Stock Market & Financial Investment News

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March 11, 2014
12:22 EDTRVBDElliott urges Riverbed to allow all interested buyers to conduct due diligence
Elliott Management, affiliates of which collectively own or have economic exposure to approximately 10.5% of the common stock and equivalents of Riverbed Technology, issued a public response to what it called "a series of grossly misleading statements" made last week by executives of Riverbed. Jesse Cohn, portfolio manager at Elliott, said, “By publicly denying the buyer interest that has been expressed to the Company and by comparing the value of Elliott’s bid to a false reality, Riverbed’s Management and Board have crossed a line from failing shareholders to actively misleading them as well... The clear and correct path forward is for the Board to stop misleading shareholders and instead allow all interested buyers, including Elliott, to conduct diligence with an eye toward exploring a value-maximizing transaction.” Elliott also noted it has filed a presentation by investment bank Moelis & Company, which "validates the attractiveness" of Elliott’s $21-per-share bid for Riverbed.
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