CyberGuard announced Monday that it is no longer pursuing its offer to acquire Secure Computing.
CyberGuard had made an unsolicited bid to buy Secure Computing in a one-for-one stock exchange transaction on July 11. Secure Computing's board of directors rejected the offer July 15, saying it wasn't in the best interests of the company's stockholders.
"While we were disappointed that Secure Computing's board of directors declined to explore the opportunity and continue to believe that it would have been in the best interests of the market and our customers, employees and shareholders, we are not expending any additional effort on this matter at this time," CyberGuard Chairman and CEO Pat Clawson said in a prepared statement.
