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McAfee accepts offer from Network Associates

McAfee accepts offer from Network Associates

A special committee of McAfee.com's board of directors has approved Network Associates' (NAI) offer to buy the 25 per cent of the company it doesn't already own.

In a statement the Californian-based McAfee.com said the committee recommended that its shareholders accept NAI's offer of $8 in cash plus 0.675 of an NAI share for each of their shares, bringing the total value to $17.86 per share.

McAfee.com said the offer represented an increase of 81 per cent over the security software developer's original offer of $9.86 per share. NAI made that offer in March. NAI's latest offer came on August 12 and gave McAfee.com until September 12 to make a decision.

McAfee.com's board rejected NAI's original bid, saying it undervalued the company.

"McAfee.com's stockholders can now receive what we believe is a fair value for their holdings and benefit from the strategic advantages of the recombined companies," said special committee member Frank Gill in the statement.

NAI has repeatedly attempted to reabsorb the subscription services and hosted applications provider, which it spun off as a separate company in 1999, in an effort to strengthen its own offerings for the consumer and small to mid-size business market.


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