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McAfee.com advises shareholders to wait on NAI offer

McAfee.com advises shareholders to wait on NAI offer

McAfee.com's special committee of its board of directors, which is evaluating the buyout offer made by parent company Network Associates on Monday, advised the company's shareholders on Tuesday not to take any action on the offer and to await the board's vote on the matter.

This advice comes as something of a surprise as the offer made by Network Associates (NAI) on Monday is identical to an offer that McAfee.com's board accepted in April. The bid was dropped after the discovery of accounting irregularities at NAI caused the company to have to restate three years of financial statements.

Network Associates, which already owns 75 per cent of McAfee.com, is offering 0.78 NAI shares for each outstanding share of McAfee.com, which is located in Sunnyvale, California. NAI, which is based in Santa Clara, California, filed its tender offer for the shares with the US Securities and Exchange Commission on Tuesday. The soonest that offer could be accepted is July 30.

McAfee.com's special board said on Tuesday that it would issue a recommendation to shareholders as to whether they ought to accept the deal within 10 days.

McAfee.com, which offers a suite of managed security services, is distinct from the McAfee Security division of Network Associates.


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