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30 May 2008
Intrusion prevention vendor Sourcefire has rebuffed a $186m (£94m) takeover offer from Barracuda Networks.
Security appliance vendor Barracuda presented its offer to Sourcefire’s board of directors on Thursday, claiming it was “uniquely positioned to address the challenges that have impacted [Sourcefire’s] performance and stock price”.
However, Sourcefire’s board ruled that the $7.50 per share offer – which represents a 16 per cent premium over the average trading stock price for Sourcefire over the last 60 trading days - substantially undervalues the business.
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Barracuda said its proposal reflects its commitment to protect the open source community.
“Sourcefire has made very powerful contributions to open source efforts worldwide through its acquisition of ClamAV and its continued development of SNORT, the de facto intrusion detection and prevention technology,” said Barracuda chief executive, Dean Drako.
“The combined company will be a more effective and profitable competitor with the ability to better meet the evolving demands of the market.”
However, it appears that Barracuda will have to tickle its trousers more rigorously if it is to get its man.
“Sourcefire remains committed to maximising stockholder value by continuing with its stated plans to complete its chief executive officer transition and growing the business by executing on its strategy,” said Joseph Chinnici, chairman of the board of Sourcefire.
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