Rumor: Broadcom and Symantec takeover talks have stalled

Symantec and Broadcom have suspended their takeover talks, CNBC sources say. The two sides could not agree on what Broadcom would pay per Symantec share.

Sources from CNBC, as well as those from Reuters, state that Symantec was not willing to take less than $28 a share. Broadcom was initially willing to do so, but came back after doing more research into Symantec’s value. It is not known how much less Broadcom wanted to deposit. According to Reuters, negotiations may resume, but Symantec does have a history of cutting down such processes before reaching a conclusion.

Symantec issued a profit warning two months ago; the company appears to be in dire straits. This is despite the fact that eight percent of the employees were laid off in August last year. Broadcom, on the other hand, is on a takeover path. It acquired business software maker CA Technologies for nearly $19 billion and that is reportedly looking for more. An attempt to take over Qualcomm, however, failed due to intervention by US President Trump.