Blue Coat Gets Packeteer Majority

SUNNYVALE, Calif. -- Blue Coat Systems, Inc. (Nasdaq: BCSI), the leader in WAN Application Delivery and Secure Web Gateway, today announced that the stockholders of Packeteer, Inc. (Nasdaq: PKTR) have tendered, including by guaranteed delivery, 29,694,108 outstanding shares of Packeteer. When combined with the shares of Packeteer already owned by Blue Coat, this represents approximately 89.6% of the issued and outstanding stock of Packeteer and provides Blue Coat with majority control of Packeteer.

The initial offering period of the tender offer for Packeteer shares expired at 5:00 p.m. New York City time on Friday, May 30, 2008. All shares that were validly tendered and not withdrawn have been accepted for purchase.

Blue Coat will provide a subsequent offering period which will commence on June 2, 2008 and will expire at 5:00 p.m., New York City time, on Thursday, June 5, 2008, unless further extended. During this subsequent offering period, Packeteer stockholders who did not previously tender their shares into the offer may do so and will promptly receive the same $7.10 per share cash consideration paid during the initial offering period. Procedures for tendering shares during the subsequent offering period are the same as during the tender offer except that no shares tendered may be withdrawn during the subsequent offering period.

Pursuant to the Agreement and Plan of Merger among Packeteer, Blue Coat and Blue Coats wholly owned subsidiary, Cooper Acquisition, Inc., following the expiration of the subsequent offering period, Cooper will be merged with and into Packeteer and all shares of Packeteer not owned by Blue Coat will be converted into the right to receive $7.10 per share in cash, without interest and less any required withholding. As a result of the purchase of shares in the offer, Blue Coat, through its subsidiary Cooper, has sufficient voting power to approve the merger without the affirmative vote of any other Packeteer stockholder.

Blue Coat Systems Inc.