UPDATE: Elliott: Riverbed (RVBD) Buyback Evidence of 'Board's Entrenchment'
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(Updated - March 4, 2014 10:43 AM EST)
Elliott Management says Riverbed Technology's (Nasdaq: RVBD) buyback is evidence of the
UPDATE - Below is a press release issued this morning following initial headlines:
Elliott Management Corporation (“Elliott”) issued the following statement in response to Riverbed’s announcement of an expanded stock repurchase program.
Elliott, affiliates of which collectively own or have economic exposure to approximately 10.5% of the common stock and equivalents of Riverbed Technology, Inc., is a multi-strategy investment firm with deep experience investing in public and private companies.
Jesse Cohn, portfolio manager, issued the following statement:
“Riverbed's announcement today of an increased buyback program is more clear evidence of the Board's entrenchment. Riverbed’s shareholders want and expect the Board to explore a value-maximizing sale, not to reflexively announce a buyback when the stock is up 35% on buyout speculation. Instead of engaging interested buyers, the Board has once again confirmed that it is focused on the wrong issues and desperately searching for any tactic that will allow it to retain control over a public Riverbed. The correct path forward is for the Board to allow all interested buyers, including Elliott, to conduct diligence so they can present shareholders with their best offers for the Company.”
Elliott Management says Riverbed Technology's (Nasdaq: RVBD) buyback is evidence of the
board's entrenchment,according to Bloomberg headlines.
UPDATE - Below is a press release issued this morning following initial headlines:
Elliott Management Corporation (“Elliott”) issued the following statement in response to Riverbed’s announcement of an expanded stock repurchase program.
Elliott, affiliates of which collectively own or have economic exposure to approximately 10.5% of the common stock and equivalents of Riverbed Technology, Inc., is a multi-strategy investment firm with deep experience investing in public and private companies.
Jesse Cohn, portfolio manager, issued the following statement:
“Riverbed's announcement today of an increased buyback program is more clear evidence of the Board's entrenchment. Riverbed’s shareholders want and expect the Board to explore a value-maximizing sale, not to reflexively announce a buyback when the stock is up 35% on buyout speculation. Instead of engaging interested buyers, the Board has once again confirmed that it is focused on the wrong issues and desperately searching for any tactic that will allow it to retain control over a public Riverbed. The correct path forward is for the Board to allow all interested buyers, including Elliott, to conduct diligence so they can present shareholders with their best offers for the Company.”
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