SYMC gains new suitors

Article Excerpt

SYMANTEC CORP. $24.02 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650-527-8000; www.symantec.com; Shares o/s: 617.5 million; Market cap: $14.9 billion; Divd. yield: 1.3%) recently agreed to sell part of its business to Broadcom Inc. (symbol AVGO on Nasdaq). That firm plans to buy Symantec’s Enterprise Security business. However, Symantec has now reportedly received takeover interest from a pair of private-equity suitors—Permira and Advent International. The two prospective buyers are valuing Symantec at $26 to $27 a share. They have indicated that they would still go ahead with the sale of the company’s enterprise business to Broadcom. They would then retain the consumer business. Buying a company when a major transaction, like the Broadcom deal, is about to close would be complicated and unusual. However, all in all, it would be good for Symantec’s shareholders. Symantec is still a buy. buy. …