CyberGuard Makes Bid for Secure Computing

CyberGuard Corp., a provider of information-technology security systems, said it had made an unsolicited bid to acquire Secure Computing Corp. for $297 million.

Fort Lauderdale, Fla.-based CyberGuard sent its offer to Secure a week after Secure, which is based in San Jose, said it would miss its second-quarter earnings targets.

Based on Friday closing prices, CyberGuard’s offer of a 1-for-1 stock swap represents a 22% premium for Secure shareholders.

News of the deal sent shares of Secure surging 64 cents, or 10%, to $7.01 on Nasdaq. CyberGuard shares fell 36 cents, or 4.6%, to $7.44, also on Nasdaq.