Riverbed Technology's Board of Directors, after consideration with independent legal and financial advisors, has unanimously determined not to pursue the unsolicited proposal from Elliott Management Corporation to acquire all of the outstanding shares of Riverbed common stock for $19.00 per share, as it believes the proposal undervalues the Company and is not in the best interests of shareholders.
“Riverbed has been executing a strategy focused on the creation of sustained growth for our business and increasing value for all of our shareholders,” said Jerry M. Kennelly, chairman and CEO, Riverbed. “Earlier today, we announced favorable preliminary fourth quarter 2013 results and our first quarter 2014 view, which are indicative of the strong early traction we have achieved against our strategy.”
“While the Board will carefully review any credible offer made to acquire the company, any such offer must deliver value to our shareholders in excess of what we believe will be created as we execute on our growth plans and capitalize on the significant investments we have already made in that regard,” continued Kennelly. “As customers continue to adopt the full breadth of our Application Performance Platform to achieve the benefits of location-independent computing, we expect to increase our share of the $11 billion application performance infrastructure market.”
Goldman Sachs is serving as financial advisor to Riverbed and Wilson Sonsini Goodrich & Rosati is serving as legal advisor.
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