Elliott Management offers to buy Riverbed for $19/share

|About: Riverbed Technology, Inc. (RVBD)|By:, SA News Editor

Elliott Management, which has already acquired a 10.5% stake in Riverbed (RVBD +9.8%), has offered to buy the WAN optimization hardware leader for $19/share in cash. Riverbed has shot higher and is now trading 3% above Elliott's offer price, as investors bet a higher bid will be made or negotiated. (13D)

Elliott notes its offer price represents a 26% premium to where Riverbed traded before the firm first disclosed a position in the company in November. Its offer is accompanied by a "go shop" provision that would allow Riverbed to solicit alternative bids.