Symantec to Break Up After Gobbling Acquisitions?

After Symantec blew 10 Billion dollars plus a Billion in back taxes on bloatware Veritas, their stock has been on the floor. Despite numerous subsequent acquisitions, Symantec hasn’t been able to move their stock. Now a block of “activist” shareholders is trying to get the company to eject Veritas in the hopes that their stocks will come back up.

From the NYPost here:

Computer-security software firm Symantec may have to field calls for a breakup of the company. According to one source, activist shareholders have been scooping up shares of Symantec — the maker of Norton antivirus software — and may pressure the company to split up.

Symantec may spin off units because the outright sale of a division would result in a big tax hit, adding that the expectation would be that suitors would buy these divisions within a year of being spun out.

Symantec is seen as vulnerable after it struggled with the integration of storage maker Veritas Software, which it acquired for $10.5 billion in 2005.

Spin off Veritas and stick its buyer with the taxes. Symantec has certainly struggled after the acquisition of Veritas which may be one of the biggest business blunders. At least they weren’t as bad as Time Warner buying AOL.