(Reuters) – Cybersecurity company Symantec Corp (SYMC.O) and chipmaker Broadcom Inc (AVGO.O) have ceased deal negotiations, CNBC reported on Monday, citing sources.
Symantec’s shares fell 18% to $21.01 in trading before the opening bell, while those of Broadcom were up nearly 3%.
Symantec would not accept less than $28 per share, according to the report.
Jefferies said in a research note last week that it valued Symantec at $24 per share, or an enterprise value of $18.3 billion, and any sale at a premium to $24 would be a huge windfall to its shareholders.
