SonicWall says privately held potential buyer no longer interested, board backs existing bid
By APTuesday, July 6, 2010
SonicWall says second buyer no longer interested
SAN JOSE, Calif. — Network security technology provider SonicWall Inc. said Tuesday a privately held rival, which the company calls “Strategic Party D,” no longer wants to buy it.
The rival had offered to pay $12 per share in cash in a nonbinding takeover bid, SonicWall said.
SonicWall said it is still recommending that its shareholders approve a proposed $636 million takeover bid from an investor group led by private equity firm Thoma Bravo LLC.
Under that deal, announced last month and already approved by the company’s board, SonicWall shareholders will get $11.50 per share in cash.
Shares of SonicWall fell 36 cents, or 3.1 percent, to $11.42 in morning trading. The stock has traded between $5.63 and $11.95 in the past 52 weeks.
