Symantec and Broadcom cease deal negotiations: Sources
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Symantec and Broadcom have ceased deal negotiations, sources tell CNBC’s David Faber. The people familiar with the matter added that Symantec would not accept less than $28 a share.
People familiar with the matter added that Broadcom indicated in early conversations that it would be willing to pay $28.25 per share for Symantec, but that following due diligence knocked that figure down below $28.
Symantec had surged earlier this month after it was revealed that Broadcom was in advanced talks to acquire the security software vendor. Faber had reported the two sides were negotiating a price and had seen possible synergies of $1.5 billion.
Symantec shares dropped 12.8% to $22.30 on Monday.
