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Hi-Tech / Hardware

Symantec high self-esteem led to the suspension of merger talks with Broadcom

3DNews: Novosti Hardware 20.07.2019 at 07:38

3DNews: Novosti Hardware

In early July, it was expected the announcement of the takeover of antivirus and security software Symantec is one of the leading developers of chips for networking and other sophisticated electronics company Broadcom. The announcement was allegedly transferred from the first of July at a later date on account of the so-called "long weekend" on the occasion of the celebration of the independence Day of USA. However, by the deadline of the expected event did not happen. As it became known from anonymous sources, Bloomberg, the parties do not agree on the price: the buyer in the face of Broadcom found the previously proposed price for the shares of Symantec are too high, and Symantec refused to reduce the cost of the contract. If you believe the rumors, Broadcom agreed with Symantec from the standpoint of valuation of shares of the company being sold at $28,25. This, in particular, contributed to the leak about a possible deal that fueled the stock Symantec. Later, the company Broadcom has decided to renegotiate downward offers to $1.50 per share. Symantec disagreed, and the deal is hanging in the air. Following the close of trading on July 18, shares of Symantec are estimated at $23 and can be even cheaper. The company is in dependent sentences Broadcom position and may continue to lose market capitalization.