Tuesday, 22 October, 2019

Broadcom sweetens bid for Qualcomm to $121B

Broadcom Qualcomm bid Broadcom CEO Hock Tan Qualcomm smartphone chips semiconductor industry Broadcom Qualcomm board patent technology Qualcomm negotiations shareholder payments Qualcomm vs Apple Qualcomm has argued that regulators would be unlikely to quickly if ever approve such a combination
Russell Knight | 06 February, 2018, 20:48

After Qualcomm rejected its initial offer, Broadcom still seems aggressive on trying to purchase the chipmaker, now upping its offer price to $121 billion - up from the previous $105 billion buyout price.

Broadcom's new $82 (roughly Rs. 5,280) per share offer included $60 in cash and $22 in Broadcom stock.

Qualcomm shares dropped 4.3 percent to USD63.20 at mid-afternoon on doubts about the deal's prospects, in addition to a KGI Securities report that said Apple might give up Monday the chipmaker in favor of Intel Corp.

Broadcom said it was willing pay Qualcomm a "ticking fee" if the transaction is not completed within its target of 12 months after any definitive agreement.

Broadcom Ltd has made a USD121 billion "best and final offer" on Monday to acquire Qualcomm Inc, increasing pressure on its U.S. semiconductor rival to engage in talks on what would be the biggest ever technology acquisition. Further, the analyst said that though Qualcomm offers solid technology, Intel's modem costs less and yet meets Apple's standard, according to Fortune. But Qualcomm is locked in a patent dispute with Apple over its licensing agreements. After a comprehensive review, conducted in consultation with its financial and legal advisors, the Board concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty, and therefore is not in the best interests of Qualcomm stockholders.

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Qualcomm's proposed acquisition of NXP was approved by European Union antitrust regulators last month.

Our proposal includes substantially more Broadcom stock, which will allow Qualcomm stockholders a greater opportunity to participate in the upside created by the combined company's strategic and operational advantages.

Broadcom's offer represents a 50% premium over the closing price of Qualcomm common stock on November 2, 2017, the last unaffected trading day prior to media speculation regarding a potential transaction, and a premium of 56% to Qualcomm's unaffected 30-day volume-weighted average price.

NXP shareholders, led by activist hedge fund Elliott Management, are resisting the deal, pushing for Qualcomm to raise its offer. That remains the company's focus unless Qualcomm agrees to negotiate, Tan said.

Qualcomm not delaying or adjourning its annual meeting past March 6, 2018.

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