UPDATE: Riverbed Board Rejects $21/Share Bid from Elliott

Riverbed Technology RVBD, the leader in application performance infrastructure, today announced that its Board of Directors, after consideration with its independent legal and financial advisors, has unanimously determined not to pursue the unsolicited proposal from Elliott Management Corporation to acquire all of the outstanding shares of Riverbed common stock for $21.00 per share, as it believes the proposal undervalues the Company and is not in the best interests of shareholders. As previously stated, the Board will carefully review any credible offer to acquire the Company that it receives. Any such offer must deliver value to our shareholders in excess of what we believe will be created as we execute on our growth plans. The Board remains focused on delivering value to all Riverbed shareholders. Goldman, Sachs & Co. is serving as financial advisor to Riverbed and Wilson Sonsini Goodrich & Rosati is serving as legal advisor.