Barracuda Networks’ buyout offer for Sourcefire Inc was rejected Friday by the company’s board highlighting undervalued assets and future perspectives.
Sourcefire Inc., a software company, supporting the development of the free software Snort and ClamAV projects, found a $187.4 million, or $7.50 per share, bid not in the best interests of Sourcefire and its stockholders.
In addition Barracuda said that its bid represented a 13 percent premium to Sourcefire's closing price on May 23.
Barracuda Networks, Inc. is a privately held company providing firewall products to block e-mail spam, viruses, spyware, load balancing and instant messaging software.
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