Paul Singer's Hedge Fund Is Going Activist On Juniper Networks And Shares Are Climbing

Elliott Management, the hedge fund founded by billionaire Paul Singer, is making an activist play for Juniper Networks, Bloomberg reports.

Elliott already has a 6.2% stake in the company, and shares are up almost 7% in pre market trading.

The fund's strategy for the company is pretty typical of what The Street's been seeing these days. Elliott will cut costs, and push for a share buy back and dividend payouts.

Juniper is the second largest maker of computer networking equipment in the world, but its stock has underperformed the S&P 500 for the last three years, unable to take part in the general boost for stocks.

Last week, Elliott offered to by Riverbed Technology for $3.08 billion, a company that analysts expected Juniper Networks might buy itself. Elliott's $19 offer price is likely to set off a bidding war for the company, and its stock jumped 14% on the news.