McAfee Says Network Associates’ Bid Is Fair
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Antivirus company McAfee.com Corp. recommended its stockholders approve Network Associates Inc.’s $825-million bid for the 25% of McAfee not already owned by the network security firm.
The latest offer represents a value of $17.18 a share based on Network Associates’ price Friday. It’s an 81% increase over the original offer made in March.
In April, the original offer was withdrawn after accounting problems were found in Network Associates’ books, leading to a Securities and Exchange Commission investigation and restatements of results.
Shares of Network Associates declined 94 cents, or 6.1%, to close at $14.56 on the New York Stock Exchange. McAfee shares fell 68 cents, or 3.7%, to $17.72 on Nasdaq.
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