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NEW YORK - Security company Aladdin Knowledge Systems Ltd. said it is rejecting offers from Vector Capital to buy the company and its digital rights management business, saying both bids are too low.
Vector offered to buy Aladdin for $13 per share on Aug. 20, and at Aladdin's suggestion, also bid $125 million to $135 million for the Israeli company's DRM business. Aladdin's board said the buyout offer "significantly undervalues the company and its prospects for the future," and the DRM offer is not in the best interests of its shareholders.
Aladdin said it can create more value for shareholders as a standalone company.
The offer was a 14.4 percent premium to Aladdin's closing price on Aug. 19. The shares closed at $12.75 Wednesday.
The company's products are designed to make computer logon passwords more secure, protect against spyware and viruses, and prevent illegal copying of software. Vector, a venture capital firm, owns rival security company SafeNet Inc.
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