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Symantec, Broadcom cease deal negotiations: CNBC

July 15, 2019

Via: Reuters

(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.

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