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Wednesday, January 8, 2014

Elliott Management offers to purchase Riverbed Tech for $3.08 bln, (NASDAQ: RVBD)

Activist hedge fund Elliott Management Corp said it offered to purchase network gear maker Riverbed Technology Inc for $3.08 billion in cash. Elliott's offer of $19 per share represents a 6 percent premium to Riverbed's Tuesday closing.

Riverbed Technology, Inc. (Riverbed) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs). Shares of RVBD traded higher by 9.64% or $1.72/share to $19.57. In the past year, the shares have traded as low as $13.77 and as high as $20.74. On average, 3465430 shares of RVBD exchange hands on a given day and today's volume is recorded at 5061052.