Symantec Corporation (NASDAQ:SYMC) Files An 8-K Other Events
Item 8.01. Other Events.

On March 10, 2017, Symantec Corporation (“Symantec” or the “Company”) entered into accelerated stock repurchase agreements with financial institutions (the “counterparties”) to repurchase an aggregate of $500 million of the Company’s common stock. The agreements fulfill the Company’s plan to target $500 million in share repurchases on or prior to March 31, 2017 made in connection with the previously announced $510 million increase to the share repurchase program approved by the Company’s Board in November 2016.

Under the terms of the agreements, Symantec will pay to the counterparties a total of $500 million on March 15, 2017 and expects to receive from each of them on the same day an initial delivery of a total of approximately 14.2 million shares of the Company’s common stock. The final number of shares to be repurchased will be based on the volume-weighted average stock price of the Company’s common stock during the term of the transaction, less a discount and subject to potential adjustments to the terms of the agreements. At settlement, under certain circumstances, each of the counterparties may be required to deliver additional shares of common stock to Symantec, or under certain circumstances, Symantec may be required to deliver shares of common stock or to make a cash payment, at its election, to the counterparties. The final settlement of the transactions under the agreements is scheduled to occur by June 2017 but they may be terminated early in certain circumstances.

About Symantec Corporation (NASDAQ:SYMC)

Symantec Corporation is a United States-based cybersecurity company. The Company operates its business on a global civilian cyber intelligence threat network and tracks a range of threats across the Internet from various mobile devices, endpoints and servers across the globe. The Company’s segments include Consumer Security and Enterprise Security. The Consumer Security segment includes Norton-branded services, which provide multi-layer security and identity protection on desktop and mobile operating systems, to defend against online threats to individuals, families and small businesses. The Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. The Enterprise Security segment includes its threat protection products, information protection products, cyber security services and Website security services. The Company’s services include consulting services, customer success services and education services.

Symantec Corporation (NASDAQ:SYMC) Recent Trading Information

Symantec Corporation (NASDAQ:SYMC) closed its last trading session up +0.43 at 30.03 with 8,442,754 shares trading hands.