November 21, 2016

LifeLock soaring before the opening bell on $2.3B deal

Shares of LifeLock are surging before the opening bell after the identity and fraud protection services company agreed to be acquired for $2.3 billion by the security software maker Symantec.

Symantec said over the weekend that the deal will allow it to bolster its cyber defense technology.

Symantec Corp., based in Mountain View, California, will pay $24 for each share of LifeLock Inc. That's a 15.7 percent premium to its closing price of $20.75 Friday.

The deal is targeted to close in the first quarter of 2017, but still requires the approval of LifeLock shareholders.

Shares of LifeLock, based in Tempe, Arizona, are up 14.2 percent to $23.70 Monday in premarket trading.

Citation: LifeLock soaring before the opening bell on $2.3B deal (2016, November 21) retrieved 23 April 2024 from https://phys.org/news/2016-11-lifelock-soaring-bell-23b.html

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