Sourcefire's Brand New CEO From Citrix and Barracuda's Acquisition Offer on the Table

Sourcefire has already rejected an unsolicited $7.50 a share offer from Barracuda Networks, claiming it undervalues Sourcefire

By: Maureen O'Gara

Jun. 18, 2008 10:45 AM

SNORT creator Sourcefire, one of the few publicly owned open source companies, has rejected an unsolicited $7.50-a-share offer, a total of roughly $187.4 million cash, from privately held Barracuda Networks, claiming it undervalues the enterprise security company despite the 13% premium.

Sourcefire, worth 18 bucks a share shortly after it went public last March, recently found a new CEO.

Barracuda does e-mail and web security. It uses an anti-virus open source project called ClamAV that Sourcefire now owns that is supposed to infringe a Trend Micro patent. Barracuda claims that Sourcefire’s “inaction in dealing with the looming threat of litigation from Trend Micro has had an effect on [its] stock price.”

Published Jun. 18, 2008— Reads 7,649
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About Maureen O'Gara
Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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