Symantec and Broadcom have stopped their discussions for a proposed merger as the two sides couldn’t agree on a price, according to reports from loomberg and CNBC.
Broadcom sought to reduce its offer by more than $1.50 per share after determining in due diligence that it was no longer willing to meet the initially agreed-upon price of $28.25, according to the reports.
At $28.25 per share, Symantec would have been valued at about $17.5 billion.
While talks are off for now, they could be resumed if both parties are able to compromise on price or if Symantec comes under sufficient pressure to re-engage, the reports added.
Broadcom engaged in talks to buy the cybersecurity firm seeking to expand into the more profitable software business.
Representatives for Broadcom and Symantec couldn’t be reached for comments.