November 27, 2006 Timothy Prickett Morgan
Midrange and mainframe connectivity software maker NetManage has turned down a slightly sweetened offer to be acquired by two of its current investors.
Back in September, two current investors in NetManage–Riley Management and Zeff Capital Partners–offered to pay $5.25 a share or about $42 million to buy the remaining 85 percent of NetManage’s shares that the two firms do not already own. Immediately following the announcement, NetManage’s shares spiked to this level, and the company said that it was not interested in the offer. On November 7, Riley Management and Zeff Capital Partners raised their bid to $5.50 a share,