Network Associates, a maker of security software,in McAfee.com to the public in 1999 at the high of the dot-com boom. It owns about 75 percent of the antivirus site.
Under terms of the deal, McAfee.com shareholders will be offered 0.675 shares of Network Associates stock for each McAfee.com share owned.
Network Associates' shares closed at $27.61 Friday, which values each McAfee.com share at $18.64, 20 percent more than the current price, the company said.
If the offer is completed, McAfee.com would once again become a subsidiary of Network Associates.
"This recombination is intended to deliver on the promise we made 14 months ago to focus Network Associates on customer needs, eliminate confusion across business units and streamline our operations," George Samenuk, CEO of Network Associates, said in a statement.