Symantec looking to hire bank for investor activism advice; JPMorgan viewed as current favorite for mandate
Symantec (NASDAQ: SYMC), the California-based antivirus and security software maker, is looking to hire a bank to help the firm devise a strategy to deal with possible activist investors, according to a newswire report.
Reuters, citing several people familiar with the matter, noted that the company has interviewed a short list of banks over the course of the last few weeks, including JPMorgan, Goldman Sachs and Morgan Stanley. Although Symantec has yet to announce a formal decision, the people cited in the report expect JPMorgan to emerge as the winner of the mandate, as the bank has helped Symantec combat investor activism in the past.
A 27 March report by this news service noted that the only three activists that may be capable of activism in Symantec would be Elliot Management, Third Point Management LLC and Carl Icahn. According to that same report, a top-15 Symantec shareholder said that Relational Investors was another possibility.
A representative for Symantec declined to comment on the specific nature of the talks, the report said. JPMorgan could not immediately be reached for comment, while Goldman Sachs and Morgan Stanley declined to comment, the report added.
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