Feb 28 (Reuters) - Network gear maker Riverbed Technology Inc rejected Elliott Management's unsolicited bid to buy the company for $3.36 billion, saying the hedge fund's offer undervalued the company.
Elliott on Tuesday offered $21 per share in cash - a 5.8 percent premium to the stock's closing price on Monday - and said it could raise its bid if allowed access to Riverbed's books for due diligence.
Riverbed said its board unanimously determined not to pursue Elliott's offer, which was not in the best interests of shareholders.
The board will review any offer to buy the company provided the offer delivers more value for shareholders than the company achieves through its growth plans, Riverbed said.
Goldman, Sachs & Co. is serving as financial advisor to Riverbed.