Wheeling and dealing

21 November 2016 By Robert Cyran Follow @rob_cyran

The activist firm has pushed LifeLock into selling to Symantec after putting up a bid itself. Elliott also owns a stake in the buyer. The merger stacks up financially but doesn’t resolve the murky future of the newly enlarged security specialist.

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Symantec said on Nov. 21 that it has agreed to buy LifeLock for $2.3 billion, or $24 per share.

In June, hedge fund Elliott Management unveiled ownership in the identity-theft protection company LifeLock and said it had begun a dialog with management about how to increase shareholder value. It owns an 11 percent stake in LifeLock.

Elliott also owns a stake of nearly 5 percent in Symantec.

Symantec agreed to buy privately held cyber security firm Blue Coat for $4.7 billion in June.

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