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Report : Symantec And Broadcom Cease Deal Negotiations

(RTTNews) - Shares of Symantec Corp. (SYMC) dropped more than 12% in regular trading on Monday after CNBC reported that the Cybersecurity company and chipmaker Broadcom Inc (AVGO) ceased deal negotiations. Symantec would not accept less than $28 per share, the report said citing people familiar with the matter.

SYMC is currently trading at $22.32, down $3.25 or 12.71 percent.

But, AVGO is currently trading at $290.22, up $4.83 or 1.69 percent.

Earlier this month, Bloomberg reported that Broadcom was in advanced talks to buy Symantec.

The deal would have marked Broadcom's second big bet in software, following its $18 billion acquisition last year of CA Technologies. The CA Technologies deal came after Broadcom abandoned a hostile pursuit of Qualcomm Inc., after President Donald Trump blocked the transaction citing national security risks.
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