Hedge fund firm Elliott Management has raised its offer to buy network gear maker Riverbed Technology.
Reuters reported that New York-based Elliott is now offering $3.36 billion for Riverbed--which equals to approximately $21 per share—from its previous $3.08 billion proposal. Riverbed’s stock rose 7% after the announcement on Tuesday.
The article added that Riverbed rejected Elliott’s previous offer of $19 a share on January 15, however the hedge fund stated to the new outlet that it will not increase its bid again.
Founded by Paul Singer in 1977, Elliott has an approximate 10.5% stake in New York-based Riverbed. It currently manages about $21 billion in assets.