Packeteer Reacts to Buyout Offer

CUPERTINO, Calif. -- Packeteer(R), Inc.(NASDAQ:PKTR), the global leader in WAN application performance solutions, today announced that its Board of Directors recommended that Packeteer stockholders take no action at this time in response to the announcement by Elliott Associates, L.P. that it has made an unsolicited conditional tender offer to acquire all of Packeteer's outstanding shares of common stock for $5.50 per share in cash.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Packeteer will review and consider the Elliot Associates offer, and within 10 business days, will advise Packeteer's stockholders of the Board's position regarding the offer as well as its reasons for that position.

Packeteer Inc.