Elliott Management tried to takeover Riverbed Technology offering up to $3.36 billion but the network equipment manufacturer rejected it.

 The board believes the offer “is not in the best interest of shareholders.”

The shares traded at $15 in November before Elliott proposal, closed at $20.65 yesterday after a maximum of $21, 2 days ago.

Riverbed CEO, Jerry Kennelly said that company sales exceeded estimations for all products and geographic locations.

“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.” (RiverBed)

Riverbed^® is the leader in Application Performance Infrastructure, delivering the most complete platform for Location-Independent Computing. We enable organizations to embrace location-independent computing to better leverage global resources, radically reduce the cost of running their business, and maximize employee productivity. Riverbed’s 24,000+ customers include 97% of the Fortune 100 and 95% of the Forbes Global 100.