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. - ISN is currently hosted by Attrition.org To unsubscribe email majordomoat_private with 'unsubscribe isn' in the BODY of the mail.
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