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McAfee.com Corp. is trying to thwart Network Associates Inc.'s effort to roll up the subsidiary.
A special committee formed by the board of McAfee, a Sunnyvale, Calif., vendor of Internet security software, said March 25 that Network Associates' offer to buy the remaining minority stake in the company is "financially inadequate."
Network Associates on March 16 approached shareholders with an exchange offer to buy the 25% of shares it doesn't already own in McAfee for roughly $219 million in stock.
McAfee's special committee has asked shareholders to hold off on tendering shares to Network Associates, a Santa Clara, Calif.-based maker of anti-virus, network management and help-desk software.
Network Associates spun off McAfee in 1999, raising about $75 million. The company draws...