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Juniper Networks bows to Elliott’s demands

21
Feb
2014

By Nadia Damouni and Nicola Leske NEW YORK (Reuters) – Juniper Networks Inc has agreed to several of hedge fund Elliott Management Corp’s demands for changes at the network equipment maker, including appointing two directors proposed by Elliott, a person close to the matter said on Thursday. Juniper also laid out an operational plan that will refocus the company on its fastest-growing networking segments, reduce its cost base and return capital to shareholders, the company said on Thursday. The steps were among recommendations that Elliott, which owns a 6.2 percent stake in Juniper, made in January, marking a surprisingly quick victory for the activist investor. Elliott had prepared a slate of directors to move ahead with a potential proxy contest if the company did not implement its proposals.

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