Monday, July 15, 2019
-=Symantec (SYMC) : Broadcom (AVGO) walks away from acquisition
Symantec stock plunged Monday on a report that Broadcom (AVGO) has broken off talks to acquire the cybersecurity software maker.
Symantec (SYMC) sank 12.9% to 22.27 on the stock market today. It had set a price of 28 per share on Symantec stock, which Broadcom was unwilling to meet, said a CNBC report.
Chipmaker Broadcom has diversified from its core business. San Jose, Calif.-based Broadcom last November purchased infrastructure software firm CA Technologies for $18.9 billion.
Symantec stock has struggled since making its own acquisition spree. Mountain View, Calif.-based Symantec acquired Blue Coat Systems in late 2016 for $4.65 billion.
Symantec also bought LifeLock, a provider of consumer identity-theft protection services, for $2.3 billion in 2017.