Department of Justice Approves Symantec Acquisition of Quarterdeck
Symantec granted Hart Scott Rodino approval to proceed with transaction
Cupertino, Calif --November 4, 1998-- Symantec Corporation (Nasdaq:
SYMC) announced that, effective Tuesday, November 3, 1998, the
Department of Justice has granted early termination of the waiting
period under the Hart Scott Rodino Act, allowing Symantec to proceed
with its acquisition of Quarterdeck.Corporation,.
On October 15, Symantec announced a definitive merger agreement with
Quarterdeck to purchase all outstanding shares of Quarterdeck common
stock at a price of $0.52 per share. Including the assumption of
Quarterdeck's outstanding debt, the total purchase price is
approximately $65 million. The tender offer is scheduled to close on
November 16, 1998.
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