Symantec Reportedly Being Targeted For Breakup Or Buyout

Symantec (SYMC) is being eyed by activist investors for a potential breakup or other changes, and by private equity firms for buyout possibilities, Reuters reported. Shares rose slightly.

The increased outsider interest was apparently sparked by the abrupt departure last month of the security software maker’s CEO, Steve Bennett.

Reuters said ValueAct Capital is among the activist investors taking a look at the company, and that PE firms including Bain Capital, Blackstone Group and Carlyle Group were contemplating leveraged buyout possibilities for all or parts of the company.

Symantec is data storage products in addition to its flagship Norton antivirus software. Reuters estimated the company is worth about $14 billion at its current valuation.

In afternoon trade, SYMC was up 0.24% to $20.65.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>