McAfee OKs Network Associates' New Offer

[InfoSec News <isn () c4i org>]

http://www.newsbytes.com/news/02/175783.html

By Dick Kelsey, Newsbytes
NEW YORK, NEW YORK, U.S.A.,
10 Apr 2002, 11:31 AM CST
 
Web security firm Network Associates [NYSE:NET] said today that
McAfee.com [NASDAQ:MCAF] has approved a new buyout bid that is 15
percent greater than its previous offer.

Under terms of the new bid, McAfee stockholders are offered 0.78 of a
Network Associates share for each of their shares, compared to the
0.675 exchange ratio in a March 16 bid. The new offer represents a
15.6 percent increase over the initial bid's exchange ratio.
 
McAfee's special panel of outside and independent directors found that
the price per share is "adequate," Network Associates said in a news
release issued today.

"Based on that determination, McAfee.com's board of directors has
recommended that stockholders accept Network Associates' amended offer
and tender their shares," the company said.

If the transaction is completed, McAfee - known for its anti-virus
services - will become a wholly owned subsidiary of Network
Associates, which now owns 75 percent of McAfee.

Last month Network Associates disclosed that it is under investigation
by the Securities and Exchange Commission. The company said the SEC
was looking into the abrupt exit of the firm's three top executives on
Dec. 26, 2000, a change in the sell-through process, and its missed
revenue forecast.



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