Can LifeLock Change?
Vince Martin • 13 Comments
Vince Martin • 13 Comments
Mon, Nov. 21, 3:00 PM
Mon, Nov. 21, 12:41 PM
Mon, Nov. 21, 9:15 AM
Sun, Nov. 20, 10:56 PM
- Symantec (NASDAQ:SYMC) agrees to acquire LifeLock (NYSE:LOCK) for ~$2.3B including debt, in a deal the companies say will create the world’s largest consumer security business with more than $2.3B in annual revenue based on last fiscal year revenues for both companies.
- The deal values LOCK at $24/share, a 16% premium to its Friday closing price of $20.75.
- SYMC says it hopes to integrate the LifeLock product with its Norton antivirus businesses into a single product line after the acquisition closes.
Mon, Nov. 14, 5:39 PM
Mon, Nov. 14, 5:10 PM
- Symantec (NASDAQ:SYMC) and P-E firms Permira and TPG are among companies interested in bidding for LifeLock (NYSE:LOCK), Bloomberg reports.
- LOCK is working with Goldman Sachs on the potential sale, which could value the company at ~$2B, according to earlier reports.
- SYMC has been re-orientating its business more heavily toward cybersecurity, acquiring Blue Coat from Bain Capital earlier this year in a $4.65B deal.
Mon, Nov. 14, 11:54 AM
- On Friday: LifeLock +13%, go-private talks reported [updated]
- Analyst David Hynes notes "there could be multiple suitors in a prospective transaction," and considers a clearing price range for a takeover of $25-$30, above the $22-$23 range implied by the $2B cited price (current price $19.56). However, does go on to note the "stock is not for the faint of heart."
- Price target increased from $21 to $23 (current price $19.66), Buy rating maintained.
- LifeLock's (NYSE:LOCK) presently trading 11% above last Thursday's close, the day before the buzz initially surfaced.
Fri, Nov. 11, 11:15 AM
- Regarding a deal potentially valuing the company (NYSE:LOCK) at up to $2B.
- TPG said to be among those interested, with Goldman Sachs also reported to be involved with the claimed sale.
- Activist Elliot Management had taken a position in the company this June, considering shares to be undervalued, and holds a resulting 8.8% stake at present.
- The sharp upward moves sends shares 17% higher on the month, 40% on the year.
- Previously (August 2016) – Reuters: LifeLock hires Evercore Partners to explore strategic alternatives, possible sale
Tue, Nov. 1, 4:18 PM
Mon, Oct. 31, 5:35 PM
- ABCO, ACHC, AFG, AGII, AMSG, BFAM, BGFV, BIO, BLKB, BYD, CACC, CAI, CALD, CALX, CAVM, CERN, CHSP, CHUY, CIM, CNO, CSU, CUZ, CYH, DATA, DEI, DENN, DNB, DV, DVN, DXCM, EA, EIX, ELGX, ENLK, ENPH, ES, ESIO, ETSY, EXTR, FARO, FIVN, FLT, FRPT, FTAI, FTR, GHDX, GILD, HLF, HRZN, HURN, HWAY, HY, ICFI, ILMN, IPHI, JCOM, JIVE, KFRC, KS, LOCK, MOD, MTCH, MTDR, MTW, MXWL, MYGN, NBL, NFX, NVGS, NYMT, OCLR, OKE, OKS, OMED, OMI, PAYC, PBPB, PDM, PLT, PRMW, PRO, PRTA, PXD, QUAD, QUOT, REG, RGR, RIGL, RNR, RPAI, RPT, RSPP, SANM, SBAC, SHO, SM, SQ, TCO, TNAV, TNDM, TNET, TRMB, TRNC, TRUP, TSE, TSRA, TTOO, TXRH, ULTI, VECO, VIAV, VRSK, WBMD, WES, WGP, WING, WR, WSTC, WTR, WU, X, XCO, XXIA, Y, ZAGG, ZEN, ZG
Mon, Aug. 15, 10:03 AM
- Goldman Sachs analyst Gabriela Borges sets a Neutral rating and $18 price target (current price $17.13) on LifeLock (LOCK +0.5%), citing share-price stabilization and possible strategic moves.
- She notes: “We view the next 12 months as a period of transition for the company, with business metrics beginning to stabilize following the settlement of the 2014 FTC litigation and an improved strategic focus on marketing and channel re-engagement under the new management team."
- Additionally, Borges attributes partner-channel expansion, pricing and consumer sentiment to the call.
Fri, Aug. 5, 1:35 PM
- LifeLock (LOCK +6.2%) has reportedly hired Evercore Partners in a move to defend against activist Elliott Management, which holds an 8.8% stake in the company, and examine undisclosed strategic options.
- Elliot Management took a position in LifeLock back in June citing shares of the company were undervalued.
- LifeLock is gaining on the news and is now up 47% on a 3-month basis.
Tue, Aug. 2, 4:24 PM
Mon, Aug. 1, 5:35 PM
- ACLS, AFG, AGII, AIG, AMED, AMSG, AR, ARC, AVD, BEAT, BECN, BGFV, BPI, BRKR, CALD, CALX, CAR, CENT, CERN, CHEF, CHUY, CLI, CLUB, CRAY, CSU, CXO, CZR, DEI, DVN, DXCM, EA, ELGX, ENLK, ENPH, ESE, ESIO, EXAM, FANG, FARO, FGL, FISV, FIT, FMC, FMI, FNGN, FORM, FTAI, FTV, FUEL, GHDX, GLUU, GNW, GUID, HBI, HCI, HIW, HRZN, INN, JIVE, KAR, KFRC, LOCK, LQ, MATX, MDU, MOD, MRC, MRCY, MXWL, NBR, NEWR, NFX, NOVT, NPO, NYMT, OCLR, OESX, OHI, OKE, OKS, OMI, ORA, PAA, PAGP, PAYC, PBPB, PLT, PRMW, PRO, PZZA, QRVO, QUOT, REXX, RGR, RIGL, RLOC, RPAI, RPXC, RUBI, SF, SGY, SLCA, SM, STAG, SUPN, SYRG, TMH, TNAV, TPC, TRQ, TRUP, TSRA, TX, VNOM, VRSK, VTAE, WMGI, WR, WTR, XXIA, Y, ZAGG, ZEN
Thu, Jun. 16, 4:43 PM
- Well-known activist Elliott Management has disclosed an 8.8% stake in LifeLock (NYSE:LOCK).
- Elliott: "The Reporting Persons believe the securities of the Issuer are undervalued and have initiated a dialogue with the Issuer's Management and Board of Directors (the "Board") on opportunities to enhance shareholder value. The Reporting Persons believe there is material upside from the Issuer's share price level on May 20, 2016 of $12.19 per share, which was the day prior to the Reporting Persons' commencement of significant purchases of shares and the subsequent share price outperformance of the Issuer's Common Stock."
- LifeLock is up 3.7% after hours to $15.62.
Tue, May 17, 11:49 AM
- LifeLock (LOCK +2.6%) has entered into a $48M accelerated buyback (ASR) transaction with Bank of America. The ASR covers over 4% of outstanding shares, and relies on a $100M buyback authorization announced last November.
- A $50M ASR was launched in February. LifeLock had $201.8M in cash at the end of Q1, and no debt.