US-based semiconductor manufacturer, the Broadcom Inc., headquartered in San Jose, California, had been in an advanced level negotiation to purchase CA-based American software company, Symantec Corp’s enterprise business, two people familiar with the subject-matter unleashed on Wednesday, the 7th of August 2019.
On top of that, the sources had been quoted saying on Wednesday (August 7th) in terms of anonymity that a possible deal could be reached as early as by next Thursday (August 8th), when Symantec was scheduled to announce its quarterly earnings’ report for Q2, 2019, however, the negotiation might last longer, said one of the sources.
More importantly, a Wall Street Journal report published on Wednesday (August 7th) said that the deal might be worth roughly $10 billion, citing people directly briefed over the subject-matter. Nonetheless, followed by the reveal of Wall Street report, Nasdaq-listed shares of Broadcom Inc.
winded up Wednesday’s (August 7th) market 1.35 percent higher to $270.05 after souring just a notch shy of 1 percent during morning US trading hours, while shares of Symantec rose more than 14 percent to $20.39 during extended trading over optimism of a possible merger with Broadcom Inc.
Into the bargain, Symantec had walked away from a Broadcom’s takeover proposal earlier last month over price disagreement.