Juniper Networks Inc has agreed to several of hedge fund Elliott Management Corp's demands for changes at the network equipment maker, including appointing two directors proposed by Elliott, a person close to the matter said on Thursday. The source requested anonymity because the director nominee discussions are private.Juniper also laid out an operational plan that will refocus the company on its fastest-growing networking segments, reduce its cost base and return capital to shareholders, the company said on Thursday. It plans a $2 billion share repurchase and a cash dividend of $0.10 per share.The steps were among recommendations that Elliott, which owns a 6.2 percent stake in Juniper, made in January, marking a surprisingly quick victory for the activist investor.Elliott had prepared a slate of directors to move ahead with a potential proxy contest if the company did not implement its proposals.
Juniper Networks, Inc. (Juniper Networks) designs, develops, and sells products and services that together provide its customers with network infrastructure. Shares of JNPR traded higher by 0.77% or $0.21/share to $27.41. In the past year, the shares have traded as low as $15.62 and as high as $28.75. On average, 9372730 shares of JNPR exchange hands on a given day and today's volume is recorded at 18052776.
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