Barracuda Networks offer rejected by Sourcefire

Barracuda Networks offer rejected by Sourcefire
Barracuda Networks offer rejected by Sourcefire

Barracuda Networks’ buyout offer for Sourcefire Inc was rejected Friday by the company’s board highlighting undervalued assets and future perspectives.

Sourcefire Inc., a software company, supporting the development of the free software Snort and ClamAV projects, found a $187.4 million, or $7.50 per share, bid not in the best interests of Sourcefire and its stockholders.

In addition Barracuda said that its bid represented a 13 percent premium to Sourcefire's closing price on May 23.

Barracuda Networks, Inc. is a privately held company providing firewall products to block e-mail spam, viruses, spyware, load balancing and instant messaging software.