Riverbed Rejects Elliott’s Unsolicited Proposal

Riverbed's Board of Directors has rejected the unsolicited proposal from Elliott Management Corporation to acquire all of the outstanding shares of Riverbed common stock for $19.00 per share, saying 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.”

Seperately, Riverbed announced preliminary Q4 numbers, saying non-GAAP revenue for Q4’13 is expected to be in the range of $284 million to $285 million, compared to the company’s previous guidance of $270 million to $276 million. Q4’13 non-GAAP net income is expected to be in the range of $0.30 to $0.31 per diluted share, compared to the company’s previous guidance of $0.26 to $0.27 per diluted share.

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