The technology company rejected the hedge fund's $3.3 billion bid, which priced each share at $21, saying the offer was too low. Elliott announced that it raised its bid to $21 from $19 a share earlier in the week.
In a statement rejecting the offer, Riverbed said it will review "any credible offer" it receives.
According to a Bloomberg report the company has received informal offers thatare higher than Elliott's offer, but less than $25 a share.
TheStreet Ratings team rates RIVERBED TECHNOLOGY INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate RIVERBED TECHNOLOGY INC (RVBD) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."