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Monday, February 3, 2014

Elliott readies own director slate as Juniper finalizes turnaround plan -sources, (NYSE: JNPR)

Hedge fund Elliott Management Corp, which owns a 6.2 percent stake in Juniper Networks Inc , has prepared a slate of directors in the event that the network equipment maker's pending turnaround plan does not achieve goals laid out by the activist investor, people close to the matter said. Elliott, which in January urged Juniper to return cash to investors, consider cutting costs and conduct a strategic review of its product portfolio, said in a statement on Monday that it has recruited a team of leading executives who have the "operational skills" and "deep industry experience" to make its plan a reality.So far, Elliott has held an open dialog with management and said in its statement that it prefers to work collaboratively with Juniper.Last week Juniper's new Chief Executive Officer Shaygan Kheradpir met with investors in his first introductory meeting since joining the company in early January, sources familiar with the meetings said.In a statement to Reuters on Monday, Juniper said: "We are continuing a constructive dialogue with our shareholders and we look forward to presenting our integrated operating plan in the coming weeks."

Juniper Networks, Inc. (Juniper Networks) designs, develops, and sells products and services that together provide its customers with network infrastructure. Shares of JNPR fell by 0.98% or $-0.26/share to $26.35. In the past year, the shares have traded as low as $15.62 and as high as $28.75. On average, 9467640 shares of JNPR exchange hands on a given day and today's volume is recorded at 11248244.