NAI Pushes Forward on McAfee Deal

 
 
By Dennis Fisher  |  Posted 2002-09-11 Print this article Print
 
 
 
 
 
 
 

SEC declared NAI's registration statement for exchange offer effective; offer expires Thursday.

Network Associates Inc. on Tuesday moved one step closer to bringing McAfee.com Corp. back under its corporate umbrella. The Securities and Exchange Commission declared NAIs registration statement regarding its exchange offer for McAfee.com effective. The offer expires Thursday at midnight EST. NAI, of Santa Clara, Calif., has been pursuing McAfee.com for most of the spring and summer, through a succession of increasingly higher exchange offers and subsequent rejections from McAfee. The courtship also was affected by the accounting problems that NAI disclosed earlier this year.
McAfee.com, which provides managed security services over the Web, mainly to consumers, is a key part of NAIs strategy for the future. NAI has recently whittled away many of its laggard product lines and divisions, and executives are intent on making each of the companys products into market leaders.
McAfee.com, which is one of a small handful of vendors providing anti-virus and other security services over the Web, fits that profile. Revenue at the Sunnyvale, Calif., company has climbed steadily over the last couple of years. McAfee.com shareholders are set to receive $8 in cash and 0.675 shares of NAI stock for each share of McAfee.com stock they agree to exchange. NAI has said that it will not go forward with the exchange unless a majority of the outstanding shares that it does not own are offered for exchange. NAI currently holds about 75 percent of the outstanding McAfee.com stock. Related Stories:
  • McAfee Accepts NAI Acquisition Offer
  • Interview: NAI Chief Running a Clean Ship
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