A Look Inside Shareholder Activism: Elliott vs. Riverbed

Last week Elliott Management issued two amendments to its original 13D filing of November 8, 2013 that disclosed it had acquired a beneficial interest of 10.4% in networking equipment company Riverbed Technology, Inc. (NASDAQ:RVBD). Elliott Management’s first amendment The first amendment merely added the following: “Elliott has directly conveyed to the Issuer’s Board of Directors its views on the appropriate next steps the Issuer should take to increase shareholder value, and it looks forward to following up promptly.” The media, however, construed that this filing also indicated Elliott had cut its stake in Riverbed Technology, Inc. (NASDAQ:RVBD) to 5.8% from…