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Network Associates renews McAfee bid

Spurned by the antivirus software maker's board, Network Associates bypasses the directors and takes its $211 million acquisition offer directly to shareholders.

Network Associates has renewed its bid for McAfee.com, the antivirus site it spun off three years ago.

Earlier this week, Network Associates pulled back on a previous bid after it disclosed it was being investigated by the Securities and Exchange Commission.

McAfee's board rejected the earlier offer of $211 million, saying the deal was "financially inadequate." Network Associates, however, is not going through the board for its bid, instead taking the deal directly to shareholders.

The company resumed the offer Friday, and it is scheduled to expire at midnight on April 25. If the tender offer and merger are completed, McAfee.com will become a wholly owned subsidiary of Network Associates, and McAfee.com shares will no longer trade publicly.

The offer would give holders of McAfee.com's Class A stock 0.675 shares of Network Associates stock for each share they own. When Network Associates made the initial bid, the deal offered a 20 percent premium over McAfee.com's closing price. But based on Network Associates' closing price of $24.20 on Thursday, the deal would value McAfee stock at $16.33, almost 1 percent less than Thursday's closing price of $16.47.

Network Associates, which already owns about 75 percent of McAfee.com, spun off the antivirus site in 1999.