McAfee.com Rejects Network Associates Offer
McAfee.com Corp. rejected Network Associates Inc.’s buyout offer, saying it was “financially inadequate” and that it “significantly undervalues” the Sunnyvale, Calif., company. Officials at Network Associates, a Santa Clara, Calif., Internet security software company, said their offer stands.
Earlier this month, Network Associates said it planned to buy back the 25% of McAfee.com’s shares it doesn’t already own and offered 0.68 share of Network Associates for each share of McAfee.com.
The bid currently values McAfee.com, which Network Associates spun off in 1999, at about $17.11 a share. But investors have been betting Network Associates will sweeten its offer. McAfee.com’s shares fell 74 cents, to $18.51 on Nasdaq.
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