Network Assoc. seals McAfee.com acquisition

By siliconindia   |   Friday, 13 September 2002, 19:30 IST
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Network Associates and McAfee.com Friday announced that Network Associates has accepted all shares of Class A common stock of McAfee.com that were tendered by its shareholders.

SANTA CLARA: A total of 10,390,986 shares were tendered (including 1,686,072 shares subject to guaranteed delivery), and together with the common stock previously owned by Network Associates, Network Associates now owns approximately 96 percent (assuming satisfaction of all guaranteed deliveries) of the outstanding capital stock of McAfee.com. Network Associates expects to complete a short-form merger of McAfee.com with and into Network Associates shortly after the close of trading on the Nasdaq National Market on September 13, 2002. After September 13, 2002, the shares of Class A common stock of McAfee.com will no longer be publicly traded and McAfee.com will cease to exist as a separate company. Under the terms of the exchange offer, McAfee.com shareholders will receive 0.675 of a share of Network Associates common stock plus $8.00 in cash, without interest, for each outstanding share of McAfee.com Class A common stock tendered for exchange. In the merger, each remaining share of McAfee.com Class A common stock will be converted into the right to receive the same number of Network Associates shares and the same amount of cash, as provided in the exchange offer, subject to the exercise of appraisal rights. "Over the last three years the McAfee.com team has moved aggressively into the consumer market and driven the evolution of online security and anti-virus services," said George Samenuk, chairman and CEO of Network Associates. "Network Associates will build on that success to extend those services more deeply into the consumer, small and home office, small and medium business, and service provider markets." "The recombination of Network Associates and McAfee.com is an important evolution for customers and shareholders of both companies," said Srivats Sampath, president and CEO of McAfee.com. "McAfee.com's unique position as the pioneer and leader in online anti-virus and security services, combined with Network Associates' global presence, positions the integrated company to aggressively grow market share and build on the success we've had in the consumer and small and home office space."