Riverbed Spurns $3B Elliott Bid, Stays Mum On Other Suitors

Law360, New York (January 15, 2014, 12:19 PM EST) -- Riverbed Technology Inc. on Wednesday spurned a $3.1 billion buyout offer from activist hedge fund Elliott Management Corp., suggesting it would instead stick to a value-creation strategy devised in-house despite mounting pressure from the activist to pursue a sale.

The rejection came after Elliott on Monday pressed the California company to either approve its $19-per-share takeover or launch an auction. The New York hedge fund sought to set a floor price for the computer-networking equipment maker with its offer last week, saying several other firms could...
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