Response in 10 days
CUPERTINO, Calif., March 20 /PRNewswire-FirstCall/ — Packeteer(R), Inc. , the global leader in WAN application performance solutions, today announced that its Board of Directors recommended that Packeteer stockholders take no action at this time in response to the announcement by Elliott Associates, L.P. that it has made an unsolicited conditional tender offer to acquire all of Packeteer’s outstanding shares of common stock for $5.50 per share in cash.
Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Packeteer will review and consider the Elliot Associates offer, and within 10 business days, will advise Packeteer’s stockholders of the Board’s position regarding the offer as well as its reasons for that position.
UBS Investment Bank is acting as financial advisor to Packeteer and DLA Piper (US) LLP is acting as legal advisor.
Packeteer is the global leader in WAN Application Delivery. Packeteer’s solutions provide an intelligent, unified and adaptive approach to monitor, shape, and optimize applications, delivering the best user experience for any application to any location. For more information, contact Packeteer at +1 408 873-4400 or visit the company’s Website at http://www.packeteer.com/.