New York activist hedge fund Elliott Management Corp. offered to buy network equipment maker Riverbed Technology Inc. for about $3.08 billion in cash.

According to Reuters, Riverbed shares rose as much as 14% to $20.29 on Wednesday, above Elliott's offer price of $19 per share.

Elliott's bid represents a 6% premium to Riverbed's Tuesday close. The offer is 26% higher than the stock's price before the hedge fund disclosed a total stale of 10.4% in the company in November, the report said.

Elliott said it could raise its bid if it was allowed to access Riverbed's books. The hedge fund also has a "go shop" provision in its offer, allowing Riverbed's board to solicit competing bids, Reuters said.

Riverbed confirmed that it has received a proposal from Elliott and said its board would review the offer taking into account the company's current plan and growth initiatives. Bloomberg reported in November that Riverbed was working with investment bank Goldman Sachs Group Inc. on a potential sale, the report said.

Analysts said potential bidders for Riverbed could be larger rivals such as Cisco Systems Inc., Juniper Networks Inc. and F5 Networks Inc. Enterprise software companies like International Business Machines Corp., Hewlett-Packard Co. and Oracle Corp. may also take interest in the company, Reuters wrote.