Symantec and Broadcom halt negotiations: sources



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Symantec and Broadcom have stopped their negotiations, sources told David Faber of CNBC. People familiar with the case added that Symantec would not accept less than $ 28 per share.

Symantec jumped earlier this month after it revealed that Broadcom was in advanced talks to acquire the security software vendor. Faber said the two sides were negotiating a price and considering possible synergies of $ 1.5 billion.

Symantec shares fell 14% to 22.04 dollars on Monday.

In recent years, Symantec has struggled with its management turnover and sluggish core business, with cloud security companies gaining market share and a new enterprise offering more revenue. ways to protect mobile devices.

Broadcom chip maker, in the midst of a sprint acquisition, bought CA Technologies for $ 19 billion last year and tried to buy Qualcomm before the US Justice Department blocked the deal.

Even without Symantec, Broadcom is striving to acquire an infrastructure software company and has envisioned Tibco, told CNBC three people aware of the problem earlier this month. Vista Equity Partners acquired Tibco for $ 4.3 billion in 2014.

Nevertheless, the acquisition of a software company could give Broadcom a boost, as trade tensions have hurt its core semiconductor business and its relationship with Chinese telecommunications giant Huawei. Broadcom has reduced its forecast of chip sales this year by $ 2 billion after Huawei was blacklisted in May for the purchase of US technology.

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