Report: Symantec Eyes Veritas

The price tag could top $13 billion and the deal could happen later this week.

Author:: TSC Staff
Publish date:: Dec 14, 2004 8:05 AM EST

Another big merger in the software sector appears to be in the works.

Symantec

(SYMC) - Get Report

is reportedly close to acquiring

Veritas Software

(VRTS) - Get Report

for about $13 billion.

The two Silicon Valley-based companies have been discussing a deal for more than a month, and an official announcement is possible as early as this week,

The New York Times

reported Tuesday.

Symantec, widely known for its Norton antivirus products, would be paying $29.70 a share for Veritas. Based on Veritas' closing share price Monday, the offer represents an 18% premium. Veritas shares rose $3.68, or 14.6%, to $28.87 in premarket trading.

Symantec shares closed at $32.86 Monday.

On Monday,

Oracle

(ORCL) - Get Report

announced a definitive agreement to acquire

PeopleSoft

(PSFT)

for $10.3 billion, ending the software industry's most bitter takeover saga.