[ISN] McAfee OKs Network Associates' New Offer

From: InfoSec News (isnat_private)
Date: Thu Apr 11 2002 - 01:03:01 PDT

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    By Dick Kelsey, Newsbytes
    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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