Hedge fund Elliott Management increased its offer for network gear maker Riverbed Technology Inc to $3.36 billion from $3.08 billion and said it was aware of other possible buyers that Riverbed had so far ignored.The new offer of $21 per share represents a 5.8 percent premium to the stock's closing price of $19.85 on Monday.Riverbed's stock rose as much as 7 percent to $21.19 after the announcement on Tuesday.Riverbed rejected Elliott's earlier offer of $19 per share, on Jan. 15.
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 5.29% or $1.05/share to $20.90. In the past year, the shares have traded as low as $13.77 and as high as $21.12. On average, 2250460 shares of RVBD exchange hands on a given day and today's volume is recorded at 3849785.
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