McAfee Board Backs Network Associates' Latest Offer

McAfee.com's ( MCAF) board and advisers have decided that Network Associates' ( NET) latest offer for the company's shares is fair, and they asked stockholders to accept the acquisition terms.

Network Associates has been trying since March to acquire the 25% of stock in McAfee, an antivirus software maker, it doesn't already own. The company recently raised its offer to $8 in cash plus 0.675 of a share of Network Associates for each share of McAfee.

"This is a fair offer," Network Associates CEO George Samenuk said Aug. 13 after his company raised its terms. "This is also our best and final offer."

The latest terms would value each McAfee share at $17.86, based on Network Associates' closing price on Aug. 21. The offer also represents an increase of 81% over Network Associates' original bid.

Shares of McAfee closed Thursday at $18.40, and Network Associates ended at $15.50.

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