NEW YORK -- (BUSINESS WIRE) -- Elliott Management Corporation (“Elliott”), which owns 6.2% of the common stock of Juniper Networks, Inc. (NASDAQ:JNPR) (“Juniper” or the “Company”), filed a Schedule 13D and released a presentation today entitled “Juniper Networks: Elliott Management’s Perspectives,” available at www.new-juniper.com.
“Juniper’s new CEO along with its existing management team and Board have a unique opportunity to immediately unlock significant value at the Company through three straightforward and much-requested courses of action,” said Jesse Cohn, Portfolio Manager at Elliott. “Investors and Street analysts have been calling for Juniper to implement these value-creation initiatives for years, and we believe the three-pronged approach laid out in today’s presentation would be very well received.”
The highly value-accretive steps spelled out today include cost realignment, capital return to shareholders, and the optimization of Juniper’s product portfolio. As set out in the presentation, Elliott believes that these initiatives can collectively result in a stock price of $35-$40 per share, which is up to 70% above the current price. Elliott looks forward to working constructively with management and the Board and thanks them for consideration of these thoughts.
Cautionary Statement Regarding Forward-Looking Statements
The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
About Elliott Management
Elliott’s two funds, Elliott Associates, L.P. and, Elliott International, L.P., together have more than $23 billion of assets 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.