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Home / Business / Symantec shares claim that Broadcom has been in talks to acquire the company

Symantec shares claim that Broadcom has been in talks to acquire the company



A visitor leaves Symantec's headquarters in Mountain View, California on August 24, 2010.

Tony Avelar | Bloomberg | Getty Images

Symantec stocks gained more than 20% in extended trading on Tuesday after Bloomberg reported that Broadcom is in advanced talks to acquire the security software vendor.

Symantec has been plagued by administrative and core issues in recent years Cloud security companies have gained market share in the enterprise market and more and more mobile device protection companies have joined.

Greg Clark was the youngest CEO to leave in May. Clark said he wanted to spend more time with his aging father, but left after the company missed the fourth-quarter revenue estimates. Symantec Director Richard Hill, former CEO of Novellus Systems, has been appointed Interim President and CEO with immediate effect.

Clark became CEO in 201

6 and replaced Michael Brown.

Symantec shares rose to $ 27.35 after the Bloomberg story. The stock closed regular trading at $ 22.10 and has lost about one-third of its value in the past two years.

Chipmaker Broadcom was on a frenzy buying CA Technologies last year for $ 19 billion. The attempt to buy Qualcomm, however, was blocked by the Trump administration.

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