In the era of aggressive shareholder activists, it's not much fun to be a technology company with lots of cash and slowing growth. Just ask Riverbed Technology (RVBD), the once high-flying Wide Area Network (WAN) optimization company that is now being looked over by shareholder activists and private equity dealmakers.
Earlier in the year, hedge fund and shareholder Elliot Management got involved, first offering Riverberbed $19 per share and then later raising that to Riverbed $21 per share, but that deal has been rejected by Riverbed management. But the share price continues below that offer price and the barking shareholder activists might be getting more impatient. Is it time to drum up some more bids?
It Looks that way. Riverbed, which just announced lackluster earnings growth and outlook, might now be more willing to talk. The company has already hired one of those "vaunted strategic advisers" to "explore options," but there are also signals of more urgency.