Elliott Associates says Packeteer should sell

By Lisa Kerner

Charlotte, N.C., May 24 - Packeteer, Inc. investors led by Elliott Associates, LP told the company's board of directors on May 18 that the board should turn its attention to the prompt sale of Packeteer, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors cited Packeteer's potentially valuable technology and the increasingly competitive business segment in which it operates as reasons to consider a sale.

The reporting persons beneficially own 2,266,395 shares, or 6.3%, of the Cupertino, Calif., network application company's outstanding stock.

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