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May 02, 1996|Times Staff and Wire Reports

McAfee Withdraws Bid for Cheyenne: McAfee Associates Inc. said it withdrew its proposal to acquire Cheyenne Software Inc. because of the latter's continuing rejection of its $1-billion bid. Roslyn Heights, N.Y.-based Cheyenne said it did not believe a merger of the two computer software makers would benefit it. The offer led to a dispute in which McAfee Chairman William Larson accused Cheyenne Chief Executive ReiJane Huai of publicly rejecting what had been private and friendly merger talks. Cheyenne said its CEO had said nothing that could be reasonably construed as endorsing McAfee's merger proposal. Shares of Santa Clara, Calif.-based McAfee rose $1.625 to $62.875 in Nasdaq trading. Cheyenne dropped $4.25 to $19.75 on the American Stock Exchange.

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