Officials at Sourcefire turned down an unsolicited acquisition attempt by Barracuda Networks May 30, calling the bid too low.
Barracuda, which makes e-mail and Web security appliances, proposed to acquire all outstanding shares of common stock for $7.50 per share in cash, a 13 percent premium above the company's May 23 closing price. The price also represented a 34 percent premium over the enterprise value as of May 23, and 16 percent over the average trading stock price during the past 60 trading days.
In a press statement, Barracuda CEO Dean Drako said the acquisition would reflect his company’s commitment to the open-source community.
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