Symantec news for Monday has SYMC stock falling hard on a dead Broadcom deal.
Sources close to the matter claim that Symantec (NASDAQ:SYMC) and Broadcom (NASDAQ:AVGO) were unable to reach an agreement in an acquisition deal. If these sources have it right, the main problem with the deal was one of pricing.
The sources behind this Symantec news claim that the company wasn’t willing to take anything less than $28 per share for SYMC stock. However, it looks like Broadcom was unwilling to pay that much for the company.
According to the unnamed sources, Broadcom was originally willing to pay as much as $28.25 per share for SYMC stock. The problem comes with what happened after it looked more into the company. This evaluation resulted in it lowering its offering to below $28 per share, which Symantec was unwilling to accept, reports CNBC.
The initial report surrounding this Symantec news was from early this month. It claimed that Broadcom was going to be paying $15.00 billion to bring the company into its fold. Those same reports also claimed that the deal could have been announced before the July 4 weekend, but that a later date for the official announcement was more likely.
All of this Symantec news today isn’t helping out SYMC stock. It was down 13% as of noon Monday. This has it losing roughly all of the gains it got from those early reports concerning a deal with Broadcom.
As of this writing, William White did not hold a position in any of the aforementioned securities.
