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Hedge fund Elliott takes stake in "undervalued" Riverbed

Friday, 8 Nov 2013 | 9:03 AM ET

Nov 8 (Reuters) - An affiliate of activist hedge fund Elliott Management Corp disclosed a 5.8 percent stake in Riverbed Technology Inc, a network equipment maker it said was "significantly undervalued".

The company's shares rose more than 7 percent in premarket trading on Friday.

Elliott International, an affiliate of the hedge fund founded and run by publicity-shy Paul Singer, said Riverbed should implement "value-maximizing operational, capital structure and strategic review initiatives".

Elliott International said it had conveyed its view to Riverbed's board and looked forward to a constructive dialogue.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)

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