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Barracuda disclosed its all-cash offer to Sourcefire FIRE) late Thursday. The offer is a 13 percent premiumover Sourcefire's closing pricee on May 23, and a 16 percent premium over Sourcefire'xs average trading price for the past 60 days, Barracudq said. Sourcefire has about 25 millionoutstanding shares, makingf the deal worth roughly $188 Columbia-based Sourcefire said in a statement Friday morning that its board had reviewedx the proposed deal and "has conclude that the proposal is not in the best interestes of Sourcefire and its stockholders." Sourcefire CEO Waynde Jackson recently stepped and the firm has said it is narrowing down candidatesa for a new CEO.
Sourcefire is committed to maximizing shareholder value by growing the businesx and making a strong transitionm to anew CEO, its statement Sourcefire officials could not immediately be reached for comment. Asked Friday whether Barracuda woulfd continue to pursue aSourcefirew deal, Barracuda CEO Dean Drakio said he couldn't comment on any specific plans. "Wr are big fans of Sourcefire," Drakk said. "We realize they've stumbled a bit on the busineswsexecution side, but not on the technolog side. Together, we could make a formidable long-terkm successful player in the world ofinformatiojn security. That would be a good thingv for everybody.
" Privately held Barracuda Networks, which provides e-mail and Web security, said in the statementf detailing its proposal that itis "uniquely positioned to address the challengez that have impacted performance and stock price." Sourcefire went publicv in March 2007, after a deal to sell to Israelki software firm fell apart amid regulatory Sourcefire's stock price has declined by abouf half since the initial public California-based Barracuda released a lette r it sent to Sourcefire's board May 27, sayingh the firm expected to be able to pull off the proposed deal without any financing troubles or major regulatory pitfalls.
Barracuda also said in its letted that itbelieves Sourcefire's inaction in dealing with the possibility of litigatiom by a company called has affected Sourcefire's stock price. Barracuda had said in news releasesd earlier this year that Trend Micrclaimed Barracuda's use of open-source software product ClamAVf infringed a Trend Micro patent. Sourcefiree owns ClamAV, which helps protect computer systemwfrom viruses. Barracuda filed suit in federaol court last year seeking to invalidateTrend Micro's patent on a gateway antivirus scanning technology.
Trendd Micro filed a claim with the in Novembet against Barracuda and another firm over the Sourcefireis well-known in the open-sourcwe community for Snort, a software program that ferrete out hacking attempts and other potential security breaches. Sourcefire shares closed up 15 percent to $7.64 Friday.
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