NetApp Raises Buyback To $3 Billion, Lays Off 900 Jobs

Elliott Management bends another one to its will. Today NetApp Inc. (NASDAQ:NTAP) caved under pressure from its activist shareholder and announced that it will fast track the $1 billion share buyback over the next four months. The data management company however denies that the changes approved by NetApp Inc. (NASDAQ:NTAP)’s board were influenced by Elliott’s intervention alone. NetApp decided on the renewed share buyback plan and quarterly dividend after consulting with all of its shareholders, according to company sources. Elliott owns less than 5 percent stake in NetApp, the hedge fund confirmed yesterday, but rumors of a large stake were…