NetManage nixes buyout
NetManage, a California software company that owns the former Simware of Ottawa, has rejected a $ 50- million takeover bid from a private- equity fund. It said the $ 5.25 U. S. per- share bid is inadequate and has refused to enter negotiations. NetManage said sales fell five per cent to $ 9.4 million in the September quarter and profits plunged to $ 33,000 from $ 1.6 million a year earlier. The stock closed at $ 5.08 yesterday.