Network Associates bid 'inadequate', says McAfee

Network Associates bid 'inadequate', says McAfee

The special committee of the board of directors of regards the buyout bid made by Santa Clara, California-based Network Associates last week as financially inadequate, the company said in a statement on Monday.

Network Associates already owns 75 per cent of Sunnyvale, California-based and wants to buy the outstanding stock in order to turn the antivirus-software vendor into a wholly owned subsidiary.

The special committee said that the exchange ratio of 0.675 Network Associates shares for one share represents almost a 25 per cent discount from's most recent 90-day average closing price, and thus significantly undervalues the long-term value of as a standalone company.

McAfee also objected to a clause in the buyout documents which gives Network Associates the ability to terminate an offer based on a change in prospects of Network Associates or McAfee would also not have sufficient opportunity to conduct due diligence investigations on Network Associates, which would be necessary to protect its other shareholders, the company said in the statement

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