SHARE
Facebook X Pinterest WhatsApp

Symantec Board Facing Activist Shareholders

BOSTON, Dec 14 (Reuters) – Symantec Corp’s (NASDAQ:SYMC) lead independent director said that the world’s biggest maker of anti-virus software is "under attack" by activist shareholders critical of a big acquisition the company made in 2005. The comment suggests that there is tension between the company’s board of directors and a group of activist shareholders […]

Dec 15, 2010
Channel Insider content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More

BOSTON, Dec 14 (Reuters) – Symantec Corp’s (NASDAQ:SYMC) lead independent director said that the world’s biggest maker of anti-virus software is "under attack" by activist shareholders critical of a big acquisition the company made in 2005.

The comment suggests that there is tension between the company’s board of directors and a group of activist shareholders who have recently acquired stakes in Symantec.

"We are under attack right now from several activist shareholders who want us to undo a massive merger that we did four or five years ago," Robert "Steve" Miller, the company’s lead independent director, said on Tuesday.

Miller, who is also chairman of insurer AIG (AIG.N), made the comment during opening remarks at the M&A Advisor Awards and Summit in New York.

Investors have long been critical of Symantec’s 2005 purchase of storage management software maker Veritas.

Relational Investors and several other investment firms known for shareholder activism recently acquired stakes in Symantec in the belief that its stock is undervalued, a source told Reuters last month.

The source told Reuters that Relational would consider pushing the software company to break up its core security business and the storage management division that it built out of Veritas.

Officials with Relational could not immediately be reached for comment.

Symantec shares were up 0.6 percent at $17.24 on Tuesday afternoon. (Reporting by Jim Finkle, editing by Matthew Lewis)
 

Recommended for you...

Manny Rivelo on Evolving Channel & How MSPs Can Get Ahead
Victoria Durgin
Aug 20, 2025
Databricks Raises at $100B+ Valuation on AI Momentum
Allison Francis
Aug 20, 2025
Keepit Achieves SOC 2 Type 1 & Canadian Ingram Micro Deal
Jordan Smith
Aug 20, 2025
AI Customer Service Fails to Satisfy Consumer Needs: Verizon
Franklin Okeke
Aug 19, 2025
Channel Insider Logo

Channel Insider combines news and technology recommendations to keep channel partners, value-added resellers, IT solution providers, MSPs, and SaaS providers informed on the changing IT landscape. These resources provide product comparisons, in-depth analysis of vendors, and interviews with subject matter experts to provide vendors with critical information for their operations.

Property of TechnologyAdvice. © 2025 TechnologyAdvice. All Rights Reserved

Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.