Riverbed on Elliott proposal: We'll think about it

Paul Singer
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Riverbed Technology, the enterprise tech company that Elliott Management offered to buy Wednesday for $19 a share, wants more time to think.

"Riverbed's Board will review the offer and communicate its views in due course," Riverbed said in a statement responding to a letter sent earlier Wednesday by the hedge fund firm.

Elliott, the $23 billion activist investment shop led by Paul Singer, said it had increased its stake in Riverbed to 10.5 percent of common stock and would pay a premium for the company in cash. The offer values Riverbed at about $3 billion.

Riverbed stock rose nearly 10 percent Wednesday to almost $20 a share following the Elliott offer.