Third time unlucky

Posted by   Virus Bulletin on   Aug 1, 2002

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

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

The offer currently on the table is 0.90 NAI share for every share, which represents a 15.5% increase since the previous offer. However, with the current value of shares higher than the current value of NAI shares, Srivats Ampath, president and CEO of, 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 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 shareholders in March 2002, when it offered 0.675 NAI share for every share. A second offer (0.78), which was accepted by's board was subsequently withdrawn when inaccuracies were discovered in some of NAI's financial statements.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

Posted on 01 August 2002 by Virus Bulletin




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