Elliott Associates raises stake in Packeteer to 8.6%

New York, July 5 - Elliott Associates, LP increased its stake in Packeteer, Inc. to 8.6%, according to an SC 13D/A filed with the Securities and Exchange Commission.

In total Elliott now holds 3.1 million shares.

The investor bought 833,605 shares from June 28 to July 3 at prices from $7.62 to $9.54 at a total cost of $6.60 million.

On May 24, Elliott said it owned a 6.3% stake. It also said that it told the company's board of directors on May 18 that the board should turn its attention to the prompt sale of Packeteer.

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

Packeteer is a Cupertino, Calif., network application company.

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