Secure Computing Corporation has rejected CyberGuard’s $297 million bid to buy the company.
The board of directors for Secure Computing snubbed the multi-million dollar offer after talking to its financial consultants Citigroup and legal advisers Heller Ehrman White & McAuliffe LLP.
A statement from Secure Computing said that offer was unsolicted and failed to meet the interests of its stockholders.
"It wasn't unexpected," said Pat Clawson, chairman and CEO for CyberGuard. "There was 99 per cent they would say 'no', But we are still going to work with this and see if we can raise the cash. You don't get bankers in if you don't mean business."