Sourcefire rejects Barracuda bid

Security firm Sourcefire has rejected an unsolicited offer from rival Barracuda Networks.

Sourcefire, creator of the well known Snort security tool, said that its board had carefully reviewed privately-held Barracuda's unsolicited acquisition proposal.

The board believes that the proposal substantially undervalues the company, and is not in the best interests of Sourcefire and its stockholders.

Joseph Chinnici, chairman of Sourcefire, said: "Sourcefire remains committed to maximising stockholder value by continuing with its stated plans to complete its chief executive transition and growing the business by executing on its strategy."