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April 15, 2014
09:00 EDTRVBDElliott reaffirms $21 bid for Riverbed
Elliott Management issued a public statement regarding Riverbed. “Elliott remains extremely interested in acquiring Riverbed, and our $21 cash offer still stands,” said Jesse Cohn, portfolio manager at Elliott. “Riverbed’s stock is trading meaningfully below our $21 offer, below our initial offer of $19 and vastly below the levels at which other potential buyers are interested. Nevertheless, even at these levels, the stock price remains above the unaffected price of $16-$17 per share. Shareholders clearly still expect that the Board will eventually do the right thing by engaging with Elliott and other potential buyers, but unfortunately our repeated requests for access to diligence materials have been ignored. By continuing its policy of ignoring premium offers and refusing to engage, this Board is depriving shareholders of significant potential value and opening the door to significant value degradation. Elliott continues to believe that the best path forward for Riverbed is for the Board to start acting in the best interest of shareholders by providing all interested buyers with access to diligence with an eye toward achieving a value-maximizing outcome.”
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