Barracuda Networks hasn’t quit its quest to acquire Sourcefire. The maker of email and Web security appliances on June 9 increased its bid to $8.25 per share, up from $7.50 per share in its May 27 unsolicited offer, but was again rejected by Sourcefire. In a June 18 letter to Barracuda CEO Dean Drako, Sourcefire Chairman Joseph R. Chinnici said the board believes the offer undervalues the IPS company and isn’t in the best interest of its stockholders.
Sourcefire released the letter last week with a statement from Chinnici: “Sourcefire is uniquely positioned to drive the future of network security. Our incoming CEO John Burris is a leader who possesses the skills and experience to build on Sourcefire’s strong momentum, strengthen our position as an industry-leading enterprise security company and continue to deliver value for our shareholders.”
Sourcefire announced on June 16 that Burris would replace Wayne Jackson as its CEO.
Barracuda, however, said it hopes to continue the acquisition discussion. “Despite their refusal of our revised proposal, we hope to continue dialogue with the Sourcefire board and Mr. Burris to reach mutually agreeable terms,” Drako said in a June 24 statement.
