Riverbed Technology Elliott Management (10.5% holder) offers to acquire the company at $19/shr in cash; valued at $3.1B
- Letter: "In addition, in order to guarantee that stockholder value is being maximized, we have included in our filings today a draft merger agreement that contemplates a go shop provision that would allow the Board to solicit competing proposals for a period following execution of our agreement. 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.
Our proposal is subject to a confirmatory due diligence review of the Company which, with the cooperation of management, we believe can be completed within 30 days. With access to private diligence materials, we believe there is a further opportunity to increase our current offer, which is based on publicly disclosed information only. We are available to sign an appropriate confidentiality agreement and commence our due diligence review immediately."
Our proposal is subject to a confirmatory due diligence review of the Company which, with the cooperation of management, we believe can be completed within 30 days. With access to private diligence materials, we believe there is a further opportunity to increase our current offer, which is based on publicly disclosed information only. We are available to sign an appropriate confidentiality agreement and commence our due diligence review immediately."