Packeteer rejects Elliott bid
Provider of wide area network application delivery systems Packeteer, Inc. (Nasdaq: PKTR) said after Tuesday’s close that it rejected the $5.50 per share conditional cash tender offer from Elliott Associates because the company felt it could create greater value with its own operations alone. The company said it is continuing to evaluate strategic alternatives.
Shares gained 5.2%, or $0.27, to $5.50 just before the opening bell. . For detailed price information and recent news stories about Packeteer, click PKTR.
