On January 13, 2014, Paul Singer of Elliott Management announced that Juniper Networks, Inc is significantly undervalued and has expressed its views to the Company's Board of Directors in a presentation that was sent to the Board of Directors. In the presentation, Elliott Management stated that the Company should implement the following initiatives: i)Cost Realignment: $200 million run-rate reduction in operating expenses; ii) Capital Return: $3.5 billion share repurchase program comprised of an immediate $2.5 billion stock repurchase, a $1 billion repurchase in 2015 and an ongoing commitment to return 50% of free cash flow; iii) Product Portfolio Optimization: Review of the security and switching businesses to streamline Company's product portfolio.