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.
