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Symantec, Axent deal approved

Symantec, Axent deal approved

Shareholders of antivirus and Internet security company Symantec, and e-business security software company Axent Technologies, approved their merger, the companies announced Monday.

Symantec will give one share of its stock for every two shares of Axent, according to the deal.

When first announced in July, the offer valued Axent at a 67 per cent premium over its trading value, but Symantec's share price has fallen by 46 per cent since then, dropping from $63.69 to $34.63.

Axent traded at $17.31 on the Nasdaq exchange earlier this week, down $1.75 from its price in July. Symantec produces the Norton line of antivirus and security software for homes and small businesses, and makes software for firewalls, intrusion detection and vulnerability management.

Axent focuses on the commercial computer-security software market and is known for its NetProwler network monitoring software. The merger will result in a set of security products that perform better with other vendors' products and also will be better supported with integration services, according to a Symantec representative.


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