UBS Reiterates Buy on Symantec (SYMC) Following Announced Intentions to Acquire LifeLock (LOCK)
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Analyst Brent Thill commented, "Today, SYMC announced its intention to acquire LifeLock (LOCK), a provider of consumer ID and fraud protection services, for $2.3B, following initial Bloomberg reports that surfaced on 11/11. The $24/share offer implies a 16% premium to LOCK's closing price on 11/18, a 36% premium to LOCK's unaffected share price at 11/10, and 145% from LOCK's Feb lows. We note activist investor Elliott had accumulated a ~9% stake in Jun and remind investors Elliott was also a stakeholder in SYMC earlier this year."
Shares of Symantec closed at $23.75 yesterday.
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