Computer security provider Aladdin Knowledge Systems Ltd. has rejected two offers from affiliates of private equity firm Vector Capital Corp., saying they undervalue the company.

In a statement late Wednesday, Aug. 27, Aladdin rebuffed an Aug. 20 proposal to buy the company for $13 per share, or about $180 million. It also rejected San Francisco-based Vector's alternative proposal to buy Aladdin's digital-rights-management business for $125 million to $135 million.

Tel Aviv-based Aladdin said neither plan is in the best interests of its shareholders and both plans significantly undervalue the company.

"We believe that these unsolicited proposals are opportunistic, significantly undervalue Aladdin, and do not fully recognize the value of our company or its DRM business," said Aladdin chairman and chief executive Yanki Margalit in the statement.

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