Hedge fund Elliott Management reaffirmed its $3.36 billion offer for network gear maker Riverbed Technology Inc after being rebuffed twice, saying it remained "extremely interested" in acquiring the company.Riverbed's shares rose as much as 2.5 percent in early trading on Tuesday but reversed course later to trade down less than a percent at $18.74.The stock had touched a high of $22.76 in February after Elliot raised its initial bid by $2 to $21 per share. Riverbed rejected the offer, saying it undervalued the company."Shareholders clearly still expect that the board will eventually do the right thing by engaging with Elliott and other potential buyers, but unfortunately our repeated requests for access to diligence materials have been ignored," Elliott portfolio manager Jesse Cohn said in a statement on Tuesday.
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 0.64% or $-0.12/share to $18.74. In the past year, the shares have traded as low as $13.77 and as high as $22.76. On average, 2195530 shares of RVBD exchange hands on a given day and today's volume is recorded at 535611.
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