Network gear maker Riverbed Technology Inc rejected Elliott Management's raised bid of $3.36 billion, saying the hedge fund's offer undervalued the company.Elliott on Tuesday increased its offer by $2 to $21 per share and said it could raise the bid if allowed access to Riverbed's books for due diligence.Riverbed said on Friday its board unanimously determined not to pursue Elliott's offer, which was not in the best interests of shareholders."Riverbed board has again failed shareholders... (the) board has clearly chosen entrenchment over shareholder value," Elliott, which holds a 10.5 percent stake in Riverbed, said in response.
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 fell by 0.87% or $-0.18/share to $20.47. In the past year, the shares have traded as low as $13.77 and as high as $21.19. On average, 2291040 shares of RVBD exchange hands on a given day and today's volume is recorded at 316393.
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