Exclusive: Symantec To Hire Banks For Advice, Activism Defense - Sources

[Ron Burgundy]

By Nicola Leske, Nadia Damouni and Soyoung Kim NEW YORK (Reuters) - Anti-virus and security software maker Symantec Corp, which recently fired its chief executive amid declining sales and fierce competition, is in the process of hiring banks to help advise on strategy and defend against possible activist investors, according to several people familiar with the matter. The $14 billion company, best known for its Norton anti-virus software, has been interviewing top Wall Street banks in recent weeks, including JPMorgan Chase & Co, Goldman Sachs Group Inc and Morgan Stanley, the people said on Friday. JPMorgan, which helped Symantec in the past when the company was the target of potential activism, is expected to land a role as Symantec's financial adviser, although a mandate has yet to be finalized, the people said, asking not to be named because the discussions are not public. Symantec has decided to hire a bank as it is worried that its recent turmoil and management shake-up could potentially attract activist investors, the people said.

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