Symantec, Broadcom end acquisition deal


The plan of Broadcom Inc to acquire cybersecurity firm, Symantec Corp has now collapsed.

The announcement has led to a crash in prices of shares of Symantec.

Shares of Symantec fell 18% to $21.01 in trading before the opening bell, while that of Broadcom were up nearly 3%.

A report by Reuters shows that 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.