Feeds

NAI on-off bid for McAfee.com is off again

Accounting inaccuracies

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Network Associates on-off bid for the shares in its McAfee.com consumer ASP subsidiary that it doesn't own is off, again.

Last Month, NAI offered a stock swap deal worth around $208.2 million for the 25 per cent of McAfee.com shares outside its control.

The aim of the acquisition was to remove confusion over Network Associates business units and to streamline its operations.

The offer suffered a setback when the board of McAfee.com described it as "financially inadequate" and encouraged its shareholders to reject NAI's overtures.

When the Securities and Exchange Commission (SEC) began investigating NAI's accounting practices, NAI decided it had little choice to postpone the bid.

That seemed to be the end of the matter, but days later NAI came back upped its original offer by 15.6 per cent. The new offer was more to McAfee.com's liking and its board of directors has recommended that shareholders accept the offer.

However the revised bid was withdrawn yesterday after NAI said that "it has discovered accounting inaccuracies in its 1999 and 2000 financial statements requiring the restatement of these financials". The company has informed the SEC of the preliminary results of its internal investigation and will keep the regulators informed as to its progress. ®

Related stories

NAI ups bid for McAfee.com
Cost, mistrust hold back security outsourcing
McAfee punts proactive virus protection
NAI faces SEC probe
All of McAfee, why don't you take...

Secure remote control for conventional and virtual desktops

More from The Register

next story
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.