Riverbed rejects Elliott's $21/share offer

In a move that comes as little surprise to investors, Riverbed (RVBD +0.4%) has declared Elliott Management's new $21/share offer for the company "undervalues the Company and is not in the best interests of shareholders."

FBR has argued Elliott, which claims other prospective buyers have expressed interest in Riverbed, is simply trying to drive up the company's valuation in hopes of enabling a sale to a third party such as a P-E firm.

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