BUYOUT OF SOURCEFIRE - LAW FIRM SEEKS HIGHER PRICE AND MORE INFORMATION
July 23, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Sourcefire by Cisco on behalf of shareholders. Under the terms of the agreement, Cisco will pay $76 per share in cash in exchange for each share of Sourcefire and assume outstanding equity awards for an aggregate purchase price of approximately $2.7 billion, including retention-based incentives.
While the offer price is a premium to where the stock was trading, Sourcefire has over $200 million in cash on its books and no debt, which reflects approx. $6.60 in cash per share, which will go to Cisco, making the purchase price to them of only $69.40 per share. Further, comparing the multiples of the acquisition to those or recent comparable deals, the price paid for Sourcefire is below that of its peers.
If you are a shareholder of Sourcefire and would like additional information as to how you can participate with other sharehoders who are seeking a higher price at no cost or expense please contact us toll free at 1-877-772-3975
not sure if anyone else picked up on this but all the management and directors of FIRE are voting in favor of the deal and they put in a huge penalty fee of around 75 of million that another company must pay if it wants to pay a higher price. That's crazy. Why would they prevent shareholders from getting more money. they obviously did this to protect the sweetheart deal they gave themselves in selling the company