Security giant CyberGuard is set to spend an estimated $297 million on acquiring U.S. based firm Secure Computing Corporation.

An evaluation of the merger identified $14 million in cost savings, which could generate an increase of $0.20 per share, a spokesman for CyberGuard said.

"We have a great deal of respect for Secure Computing's team and their technology," said Pat Clawson, chairman and chief executive officer of CyberGuard. "This is a logical next step for CyberGuard as we continue to aggregate the right technology for the enterprise."

In a written response, Secure Computing's chief financial officer Tim Steinkop said: "At this time, we have received the offer, the board is performing their review in due process and beyond that we have no comment."