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Third time unlucky

NAI's third attempt to re-acquire McAfee.com was scuppered yesterday when 96% of McAfee.com shareholders rejected NAI's latest exchange offer for McAfee.com shares.

NAI's third attempt to re-acquire McAfee.com was scuppered yesterday when 96% of McAfee.com shareholders rejected NAI's latest exchange offer for McAfee.com shares.

The offer currently on the table is 0.90 NAI share for every McAfee.com share, which represents a 15.5% increase since the previous offer. However, with the current value of McAfee.com shares higher than the current value of NAI shares, Srivats Ampath, president and CEO of McAfee.com, said: 'the Network Associates offer was financially inadequate and substantially undervalued both our current business and our future potential... We call upon Network Associates either to increase its offer to a level that the board of directors of McAfee.com can support or to promptly terminate and withdraw its offer so that both companies can move forward and focus on building value for our respective stockholders.'

NAI made its first approach to McAfee.com shareholders in March 2002, when it offered 0.675 NAI share for every McAfee.com share. A second offer (0.78), which was accepted by McAfee.com's board was subsequently withdrawn when inaccuracies were discovered in some of NAI's financial statements. NAI has extended the current offer until 13 August.

See also: Confusion Reigns

01 August 2002

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