McAfee.com accepts new Network Associates bid

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McAfee.com accepts new Network Associates bid

McAfee.com's board of directors has accepted Network Associates' (NAI) new offer to buy the company and has recommended that its shareholders approve the proposed buyout.

The announcement comes after NAI increased its bid for its subsidiary earlier on Wednesday (10 April). McAfee.com's board was scheduled to recommend action on the proposed merger with parent company NAI on Thursday.

McAfee.com also announced the purchase of anti-spam software from a developer and a set of deals with broadband Internet access providers which will see McAfee.com offer its security services to those providers' customers.

NAI has increased its offer for McAfee.com to 0.78 shares of NAI stock for each outstanding share of McAfee.com stock. The original offer had 0.675 shares of NAI being exchanged for each share of McAfee.com. Network Associates already owns 75% of McAfee.com.

McAfee.com had labelled Network Associates' original offer "inadequate" in late March. A day later, Network Associates put the deal on hold after announcing that its accounting practices were under investigation by the US Securities and Exchange Commission, only to resume its bid on 29 March.

McAfee.com also announced that it had acquired "SpamKiller" anti-spam software and that the software's developer, Thor Ivar Elke, would join the company. The company will add SpamKiller to its line of managed security services starting in the second quarter of 2002, the company said.

Additionally, McAfee.com said it had signed agreements with a pair of cable Internet access providers to offer its security services to their subscribers. Comcast Cable Communications and RoadRunner, the online service of Time Warner Cable, will both now offer McAfee.com's managed firewall, antivirus and other security services to their subscribers. Broadband connections have become an increasingly appealing target to attackers in the last year, as they offer large amounts of bandwidth and often employ little security.

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