Dive Brief:

• Cybersecurity firm FireEye Inc. reportedly rejected several takeover proposals earlier this year, according to a Bloomberg report.

• The company apparently turned down the offers because they were below its anticipated $30 per share, sources that wished to remain anonymous told Bloomberg.

• The company had hired Morgan Stanley to help field interested buyers. 

Dive Insight:

The potential sale is now off the table, sources said.

Symantec Corp., which agreed to buy Blue Coat Systems Inc. for $4.65 billion earlier this week, was reportedly one of the potential FireEye buyers.

Cybersecurity companies have continued to struggle finding their place in the market. FireEye has fallen about 25% this year, according to Bloomberg. In May, FireEye announced that its CEO and chairman of the board, David DeWalt, would step down. DeWalt led FireEye for four years. The company named Kevin Mandia, its former president, as his successor.

FireEye is currently valued at about $2.76 billion, but many say FireEye and other cybersecurity firms are overvalued. The company has had inconsistent results and high spending for the last few years. FireEye traded at $95.63 in March 2014 but hit an all-time low of $11.96 this February. The company recently announced lower-than-expected first quarter earnings and marked down its revenue forecast to a range of $780 million to $810 million from a range of $815 million to $845 million.

Other cybersecurity firms have seen their valuations plummet over the last six months. Analysts say high-profile data breaches drove security spending up in 2015, making cybersecurity company valuations too high.