Elliott urges Juniper to buy back shares, cut costs
Jan 13 (Reuters) - Juniper Networks Inc shareholder Elliott Management Corp urged the network equipment maker to buy back shares, streamline its product line and cut costs to boost shareholder value.
Elliott, which owns 6.2 percent of Juniper, said the company should repurchase $3.5 billion of shares.
"We believe these value initiatives can collectively result in a stock price of $35-$40 per share," Elliott said in a statement. (link.reuters.com/puc95v)
Juniper shares rose about 6 percent to $24.94 in premarket trading on Monday. (Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)
- Police seek motive in fatal Washington state school shooting
- U.S. nurse quarantined over Ebola criticizes her treatment |
- Washington state teen shooter's family living in 'nightmare'
- Two deputies killed, two others hurt in California shooting spree
- Wall St. finally turning on Amazon as Bezos magic fades