SonicWall Falls as Third Party Abandons Buyout Plan

SonicWall Inc (SNWL) is falling ahead of the bell as an unsolicited third party said it no longer was interested in buying out the company. The unnamed privately-held competitor had submitted a proposal June 22 to acquire all of the IT security group's outstanding shares for $12.00 per share. SonicWall stated that its board has not changed its recommendation that the company approve a merger agreement with affiliates of an investor group led by Thoma Bravo LLC which includes the Ontario Teachers' Pension Plan under which SonicWall would receive $11.50 per share. Shares in SonicWall have traded between $5.63 and $11.95 over the past 12 months.

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• Wall
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• IT
• security
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• investors