Take-over bid of Sourcefire by Barracuda Networks turned down due to the offer being substantially undervalued
Open source innovator and Snort creator, Sourcefire has announced that its Board of Directors has carefully reviewed privately-held Barracuda Networks’s unsolicited acquisition proposal and has concluded that the proposal is not in the best interests of Sourcefire and its stockholders. The Board believes that the proposal substantially undervalues Sourcefire.
Joseph Chinnici, Chairman of the Board of Sourcefire commented, “Sourcefire remains committed to maximising stockholder value by continuing with its stated plans to complete its Chief Executive Officer transition and growing the business by executing on its strategy.”
