SYMC draws a bid

Article Excerpt

SYMANTEC CORP. $22.68 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650-527-8000;; Shares o/s: 618.2 million; Market cap: $14.6 billion; Divd. yield: 1.3%) jumped to over $26 on recent reports that it was in advanced talks with a potential buyer, Broadcom Inc. (symbol AVGO on Nasdaq). It now appears that Broadcom offered $28.25 a share for Symantec, but then dropped that down just below $28. The company is said to want at least $28 a share considering the value of its assets. As a result, Broadcom has pulled out and the stock has dropped back to today’s price. Symantec has faced a number of challenges in the past year: widening competition, the abrupt departure of its CEO, and a financial investigation that ended with restated earnings. Regardless, the company remains one of the world’s biggest maker of cybersecurity software. The interest of activist investor Starboard Value LP, which recently won three of the company’s board seats, further highlights its strong prospects. Symantec is still a buy. buy…

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