Elliott Associates offer for Packeteer extended; 332,379 shares tendered to date

By Lisa Kerner

Charlotte, N.C., April 16 - Elliott Associates, LP said it has extended its tender offer for Packeteer, Inc. to 11:59 p.m. ET on April 23 from April 16.

The offer by an Elliott subsidiary began on March 20.

A total of 332,379 shares of Packeteer stock had been tendered in the offer and not withdrawn at the close of business on April 15, an Elliott news release stated.

Elliott, a 9% shareholder, offered to buy Packeteer for a total of $190 million on March 5.

Packeteer's board of directors rejected the $5.50-per-share unsolicited conditional cash tender offer from Elliott and recommended its shareholders not tender their shares, it was previously reported.

The Cupertino, Calif., networking technology company had confirmed that the board was exploring strategic alternatives that could include a business combination with third parties, including Elliott.

Packeteer's board adopted a one-year stockholders rights plan that gives stockholders of record as of April 14 the right to receive one share purchase right for each share of Packeteer common stock, the company said.

Under the plan, if any person or group acquires 15% or more of Packeteer's common stock without prior board approval, there would be a triggering event causing significant dilution in the voting power of that person or group, according to a Packeteer news release.

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