Paul Singer‘s fund Elliott Associates intends to acquire Riverbed Technology, Inc. (NASDAQ:RVBD), a newly amended filing with the Securities and Exchange Commission shows. The fund offered to buy all of the outstanding common stock of Riverbed at a price of $19.0 per share. Amid the proposal, share price of Riverbed Technology, Inc. (NASDAQ:RVBD) gained over 11%.
Elliott Associates, together with Elliott International Limited hold in aggregate 10.5% of the company’s stock, which makes them in aggregate one of the largest shareholders of Riverbed Technology, Inc. (NASDAQ:RVBD).
The fund offered to acquire Riverbed Technology after taking into account its diligence in its products, markets, as well as the fund’s experience in the networking industry, Elliott said in the letter addressed to the company’s board.
“We are aware that numerous parties have expressed acquisition interest in Riverbed, and this structure guarantees that the Company will secure a healthy premium for its stockholders while holding open the opportunity to obtain an even higher premium. Our draft merger agreement contains no financing condition, and we have endeavored to make this a document that is both customary for transactions of this type and fair to both sides in order to facilitate a quick negotiation. We are eager to move ahead expeditiously,” Elliott also said.