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People familiar with the matter added that Broadcom indicated in early conversations that it would be willing to pay $28.25 per share for Symantec, but that following due diligence knocked that figure down below $28.
Symantec had surged earlier this month after it was revealed that Broadcom was in advanced talks to acquire the security software vendor. Faber had reported the two sides were negotiating a price and had seen possible synergies of $1.5 billion.
Symantec shares dropped 12.8% to $22.30 on Monday.
Symantec has been dogged in recent years by management turnover and a softer core business as cloud security companies have captured enterprise market share and as newer companies offer ways to protect mobile devices.
Chipmaker Broadcom, in the middle of an acquisition sprint, bought CA Technologies for $19 billion last year and tried to purchase Qualcomm before the U.S. Department of Justice blocked the deal.
Even without Symantec, Broadcom has been working to acquire an infrastructure software company and has considered Tibco, three people familiar with the matter told CNBC earlier this month. Vista Equity Partners acquired Tibco for $4.3 billion in 2014.
Still, the acquisition of a software company could give Broadcom a needed boost as trade tensions hurt its core semiconductor business and its relationship with Chinese telecommunications giant Huawei. Broadcom cut its forecast for chip sales this year by $2 billion after Huawei was blacklisted in May from buying U.S. technologies.