Elliott Announces Termination of Tender Offer to Acquire Packeteer, Inc.
21 Abril 2008 - 6:02PM
PR Newswire (US)
NEW YORK, April 21 /PRNewswire/ -- Elliott Associates, L.P., a
private investment partnership involved in diversified trading
programs, today announced that its affiliate, Elliott QoS LLC, has
terminated its offer to purchase all outstanding shares of common
stock of Packeteer, Inc. (NASDAQ: PKTR). The offer was scheduled to
expire on Wednesday, April 23, 2008. No shares were purchased in
the offer and all shares previously tendered and not withdrawn will
be promptly returned. On April 21, 2008, Packeteer and Blue Coat
Systems, Inc. (NASDAQ:BCSI) announced a definitive agreement under
which Blue Coat will acquire Packeteer for $7.10 per share in cash.
In connection with the acquisition of Packeteer, Blue Coat has
agreed to issue zero coupon convertible notes in the aggregate
principal amount of $40 million to an affiliate of Elliott and an
additional $40 million in aggregate principal amount of the notes
to Francisco Partners II, L.P. Blue Coat will use the proceeds from
the private placement to partially fund the acquisition of
Packeteer. In connection with the issuance of the notes, Blue Coat
has agreed to issue warrants to purchase shares of Blue Coat to the
same affiliate of Elliott and to Francisco Partners II. The
issuance of the notes and the warrants is subject to the closing of
the Packeteer transaction. Blue Coat also has agreed to purchase
Elliott's shares in Packeteer for $7.10 per share. That purchase is
not conditioned upon the closing of the Packeteer transaction.
About Elliott Associates Elliott Associates, L.P. and its sister
fund, Elliott International, L.P. have more than $10.5 billion of
capital under management. Founded in 1977, Elliott is one of the
oldest hedge funds under continuous management. The Elliott funds'
investors include large institutions, high-net-worth individuals
and families, and employees of the firm. All trademarks used or
mentioned in this release are protected by law. CAUTIONARY
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UPDATE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS
RELEASE. DATASOURCE: Elliott Associates, L.P. CONTACT: Scott
Tagliarino, for Elliott Associates, L.P., +1-212-974-6000, or cell,
+1-917-922-2364
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