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Broadcom Raises Offer for Qualcomm to $121B

Dan Jones
2/5/2018

Broadcom raised its unsolicited offer for Qualcomm on to a whopping $121 billion on Monday ahead of a shareholder meeting on March 6 that will decide what stockholders want for Qualcomm's future.

Broadcom Corp. (Nasdaq: BRCM) said in a statement that the $121 billion -- or $82 a share -- offer is its "final" bid. Broadcom had originally offered $105 billion for Qualcomm Inc. (Nasdaq: QCOM) in November 2017, which the chipmaker rejected out of hand. (See Broadcom Offers $130B for Hostile Takeover of Qualcomm and Qualcomm Rejects $105B Bid From Broadcom.)

Broadcom says its improved offer is dependent on Qualcomm acquiring NXP Semiconductors N.V. (Nasdaq: NXPI) on the currently disclosed terms of $110 per NXP share or the transaction being "terminated" and is "also premised on Qualcomm not delaying or adjourning its annual meeting past March 6, 2018." (See Broadcom Mulls Bigger Bid for Qualcomm – Report.)

Broadcom also noted that it is willing to invite Qualcomm's chairman "Paul Jacobs and one other current Qualcomm director to join the combined company's board upon completion of the transaction." Qualcomm has said repeatedly that Broadcom's bid undervalues Qualcomm. (See Broadcom & Qualcomm: Let's Get Ready to Proxy!.)

— Dan Jones, Mobile Editor, Light Reading

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