Wednesday, March 19, 2008

Packeteer Advises Stockholders to Take No Action in Response to Elliott Associates Offer

Packeteer's Board of Directors recommended that the company's 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

Packeteer said it 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.

  • On March 5, Elliott Associates. an international fund manager and long-term shareholder of Packeteer, make an unsolicited bid of $5.50 per share to acquire the company -- representing about a 42% premium over Packeteer's closing price the previous day.

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