Symantec Soars on Report It Has Been Approached About a Buyout

Shares of Symantec Corp.  (SYMC)  soared 14% on Tuesday, Nov. 6, based on a report that private-equity firm Thoma Bravo approached the cyber security company about an acquisition.

Reuters cited sources that said there was no certainty that the discussions between Thoma Bravo and Symantec would lead to a deal.

In August, hedge fund Starboard Value invested $670 million in Symantec and nominated five new board members. Starboard appointed three board members, including Rick Hill, former CEO of Novellus.

Thoma Bravo announced Monday that it would acquire Veracode, which provides next-generation application security testing, from Broadcom Inc. for $950 million in cash, and last month said it was taking security-software maker Imperva Inc. private in a deal valued at $2.1 billion.

A Thoma Bravo spokesman declined to comment on the story. Symantec didn't respond to a request for comment.

Last week, Symantec reported quarterly earnings that beat Wall Street's estimates.

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