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SAN FRANCISCO—February 28, 2014— Riverbed Technology (NASDAQ:RVBD), the leader in application performance infrastructure, today announced that its Board of Directors, after consideration with its independent legal and financial advisors, has unanimously determined not to pursue the unsolicited proposal from Elliott Management Corporation to acquire all of the outstanding shares of Riverbed common stock for $21.00 per share, as it believes the proposal undervalues the Company and is not in the best interests of shareholders.
As previously stated, the Board will carefully review any credible offer to acquire the Company that it receives. Any such offer must deliver value to our shareholders in excess of what we believe will be created as we execute on our growth plans. The Board remains focused on delivering value to all Riverbed shareholders.
Goldman, Sachs & Co. is serving as financial advisor to Riverbed and Wilson Sonsini Goodrich & Rosati is serving as legal advisor.
This press release contains forward-looking statements, including those in respect of our growth strategy. These forward-looking statements involve risks and uncertainties. These forward-looking statements also involve assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs or develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our distribution partners; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission. More information about these and other risks that may impact Riverbed's business are set forth in our Form 10-K filed with the SEC for the period ended December 31, 2013, and our subsequent quarterly reports filed with the SEC. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update these forward-looking statements. Any future product, feature or related specification that may be referenced in this release are for information purposes only and are not commitments to deliver any technology or enhancement. Riverbed reserves the right to modify future product plans at any time.
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Riverbed®, The Digital Performance Company™, is united in our purpose of Advancing the Human Experience in the Digital World. Behind every digital experience is a human one, and Riverbed enables organizations to measure digital experiences and maximize digital performance so they can deliver better and more powerful human experiences— for customers, employees, partners, patients, and citizens. Riverbed’s Digital Performance Platform includes a combination of Digital Experience Management and Digital Networking solutions that ensure superior digital and user experiences, provides new levels of operational agility and accelerates business outcomes. Riverbed’s 30,000+ customers include 100% of the Forbes Global 100. Learn more at riverbed.com
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