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Elliott Hires Bank to Bolster Bid for Riverbed

Elliott Management Corp. hired Moelis & Co. and filed a report from the investment bank to bolster its $21-a-share bid for networking-equipment maker Riverbed Technology Inc.

Elliott wants Riverbed’s board to open up the company’s books to potential bidders and to maximize the stock price, the New York-based activist shareholder said in a statement today. Elliott owns about 10.5 percent of San Francisco-based Riverbed and the two have been embroiled in a tug-of-war over the past few months about whether the networking-gear provider should be sold. Elliott has offered $21 a share for the company, which Riverbed turned down last month.