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Symantec Quits Broadcom Sale

Cybersecurity outfit Symantec has walked away from negotiations to sell itself to chipmaker Broadcom, citing price disagreements.

Symantec’s decision raises new questions over the future of the US antivirus software provider, which is looking for a new CEO and has been struggling to grow its business.

Broadcom was last week willing to offer as much as US$28.25 a share in cash for Symantec and was hoping to ink a deal on Monday.

Symantec’s shares fell 12 percent to $22.43 in Monday morning trading, giving it a market value of $14 billion.